With FCP, a macbook, and an adapter, it is very possible and easy to use a production monitor.
With an adapter that converts mini-DVI to composite/S-Video(Y/C) out, you can use almost any monitor.
I'm sure there are solutions like this for PC's. Simply use an adapter with the 2nd display output.
For HD, I'm not as sure, but there should be an adapter for that.
In relation to production monitors, as long as its nothing too serious, any fair quality TV will do, but it would be a good idea to use a real production monitor. With a production monitor, you can adjust picture/color correctly. I believe there's an article about that in the most recent VM issue.
In the end, I am really glad I can use one, and it's much easier on the eyes. You'll definitely like it.
Spencer Stewart