I tested my hdtv last night with ps1 game via ps2 component video, the image was pretty decent, far better than over processed ps3 when playing ps1 over hdmi, I believe it plays in only on 240p, it's very decent, but not as good as my xrgb2 plus.
it would be nice to do a database of tv confirmed compatible with 240p with year of purchase for everyone
my tv was a KDL-40EX400 - 2010