If FHD is on par or in the same price range for the same screen real estate then by all means go for it, otherwise PV8 for the VFM factor.
To answer your specific question, PV8 is great for gaming via the PS3, but I don't have any Blu-Ray content or a Blu-Ray player so cannot comment on that. It is however great for SD content like DVDs, TV, Divx rips, gaming, etc. which are the mainstay of my content. By gaming, I have a Wii at home, a PS3 that a friend drops in with from time to time for a LAN party and both are great on the PV8.
Let me put it this way. I went with the PV8 not because of the cost factor, but more so because I found its PQ to be absolutely stunning and the best compared to all if not most of the LCDs. The only LCD PQ I found stunning and on par/or better than the PV8 was the Sony X Series LCD Full HD, but it was way too expensive and yet the difference in PQ when compared to the PV8 was not so much. If the Sony had much, much better PQ than the PV8 I would have gone with it. But the Sony while it was as good/better than the PV8 in PQ still was not so much better to justify the hefty price tag compared to the PV8 so the PV8 selected itself.
To sum it up, 37" Full HD LCD might be better than PV8 in terms of PQ, and do go for it if its reasonable in terms of the cost factor, otherwise the PV8 will choose itself anyways.