buzzy: I've got a Pioneer panel that suffers from the same VGA tearing that Steve mentioned. Last night, I tried to a DVI-HDMI adapter to see whether HDMI resolved the tearing issue.
HDMI does resolve the tearing, but the windows desktop looked awful. It was best at 1280x720, but was still a long way short of the VGA input. It looked like an early LCD monitor being run at a non-optimal resolution. Text had blurred/coloured edges and was fatter or narrower depending on the location on the screen. For me, HDMI was a big step down from VGA.
As others have indicated, your mileage may vary.
This is because the panel can't do 1:1 pixel mapping via HDMI.
If you're wanting to use the display for text/web surfing then VGA is the way to do. For video the lack of 1:1 pixel mapping isn't really that noticeable.