I'd say yes. I have a smaller cousin of that TV and it works quite well with my PS3 and 360, not to mention as a display for an HTPC. Considering with a 46" screen you're likely going to need to be sitting a good couple feet away from the thing, you'll be fine. It's obviously not the latest and greated, but almost any TV you get these days will be better than something from circa 2004. Blacks will be blacker, whites will be whiter, colors more vibrant in general as improvements in LCD tech have filtered into newer panels. As an added bonus, it'll probably use about the same amount of electricity as a 32" set circa 2004. It also already passed the test of looking pretty good to you in store, which is kind of the ultimate litmus test, so I wouldn't worry too much about it.
Buying a tv for the first time since 2004. I found a good deal on this tv for black friday. I checked it out in person and the picture was extremly good looking. Will it do for gaming on ps4?
Hopefully someone can chime in