I just brought a Vizio HDTV and when I tried playing Dance Dance Revolution on it, in the actrual stage the arrows don't respond the second I press it. Someone told me to ajust the settings on the TV, someone else told me to configure the setting in the PS1/2 games. What are the speicfic settings I have to make in each game? And what recommend HDTV brand that I can get for under $1000.00

The TV may have a "game" mode that reduces the image processing, and that should reduce the input lag. Do that first, since it will affect all games. Then see if the game has some kind of calibration in its options menu to adjust the timing. I don't have those games, so I can't say exactly what to do.