For the price, I'd suggest another laptop with built-in HDMI from a classified website you can dedicate to a TV-laptop/server, or a $40 Raspberry Pi running XBMC with some xbmchub plugins (free cable, hulu, netflix, along with many other gems).
I don't see any mention of audio over HDMi with this, for $110 thats a major deal breaker. Maybe it does and I just don't see it. Most laptops will output 5.1 from their onboard HDMI out. I don't know your set, but I had a sony set that only took audio source via HDMI or toslink. Wouldn't accept RCA/coax/stereo jack in along with the HDMI video. If you are only doing web streaming most audio is just stereo anyway so maybe not a problem, or you can use your laptop speakers/external computer.
Heres one thats less than half the price shipped http://dx.com/p/usb-...y-adapter-81578