To stream Netflix you have to have a subscription and they run from $4.95 up. To watch movies from Itunes you have to rent from $.99 up. You can view youtube, Itunes Podcasts, flickr all free. Anything you stream from Computer or Ipad through homesharing or Airplay free but you can't watch TV per se.
You just have to be able to connect with HDMI cable so any HD TV should work. If you use a sound system with your TV, etc you will also need an optical/audio cable in addition.