Is it possible to use an HD Samsung monitor with a Playstation 3?

Yes, you can use a computer monitor instead of a TV (I take my computers 1080p HD monitor that I purchased new for $80 from Fry's, when I go to my uncles - http://www.amazon.com/Acer-G215H-Abd-21-5-Monitor/... ), the only difference is the monitor doesn't have a built-in TV tuner like a TV, so you can't get television stations (the PS3 3D monitor is also NOT a TV, but only a monitor - http://www.amazon.com/PlayStation-3D-display-3/dp/... ).

If the monitor has AV, HDMI, or DVI inputs, then yes, you can use it with the PS3. Most monitors these days have at least a DVI input. Be warned that DVI does not carry sound, so if the monitor is DVI only or doesn't have built in speakers, then you will have to buy external speakers to connect the PS3 to.

**EDIT**

Sorry, forgot about this portion - "And would it look as good as an HD ready TV?"

Yes, any monitor will look as good as a TV, depending on the resolution of the monitor (just like a TV), the only difference is that the monitor doesn't have the built-in TV tuner like a television does.