Depends on what you want to watch. Terrestial TV has two English language stations, but they are now available in High Definition. Neither much good, all game shows and American sitcoms. And you can get CCTV9 if you really do want to watch the PRC propoganda channel in English.
Most people sign up to another service such as PCCW or I cable to get a whle range of channels and you can use an NTSC TV with some of their decoders, I know at least a couple of people who do this. But if all you want to do is watch DVDs (very cheap over the border ;-) ) it doesn't matter what TV you have if your DVD machine is multi region/ multi system. Most are these days.
However, TVs and electronic equipment are very good value in HK. the usual first purchase for any new mover to HK is an enourmous plasma/LCD screen which is usually far to big for your apartment. 42" is usually considered the minimum! Now what I would do if I was in your position is by a big screen with a DVI input driven by a multimedia computer with a Blu Ray drive, a terrabite of memory, good sound card, TV card and internet connection (very fast in HK). This will suffice for all your entertainment needs and be future proof.
My big plasma screen has a DVI input and the multimedia computer is an imminent purchase!
Remember, he who dies with the most gadgets wins!