HDTV vs HD Ready?

[starvs]

I am getting a TV for my dorm room in the comming weeks, and am wondering if I need to splurge for HDTV (built in), or if HD Ready will serve my purpose. The TV will be used mostly for Xbox360/PS3/Wii. It is my udnerstanding that I only need an HD Ready TV to take advantage of the best picture quality these systems can output, and HDTV (built in) will offer no advantage. Am I correct here, or way off base?

If HD Ready is all I need, I am leaning toward this TV
http://www.newegg.com/Product/Produc...82E16889102043
less than 1k shipped.

Thanks for the help.