Well I played around with it this weekend, from trying a PCI capture card (BAD QUALITY!!!) to plugging the HDMI Cable into a DVI to HDMI converter. Seems that the best way is to get a HD monitor that supports HDMI.
I have since plugged the PS3 into my SD TV and am going to save up for a LCD.
Don't think that a converter is worth the money (Thats My Opinion)