I asked this question on Videoguys and finally got an answer from PNY which should be shared with everyone who may purchase this very costly card thinking that they will get the same results as the Matrox APVe.

Bottom line, the FX1500 + Breakout box will NOT support dual monitors + real time monitoring to a TV via the breakout box.

This is the response from PNY Tech Support:

Miguel,

The FX 1500 supports up to two simultaneous output displays. You cannot run two monitors and a HDTV output at the same time.

Regards,
Daniel
Quadro Tech Support

To me this is very deceptive advertising, there should be a disclaimer somewhere on the PNY site to state the there is only DVI + DVI (or Analog + Analog) but no 2 + TV combo.

This should be an FYI to any prospective FX1500 buyer.

True, you can just plug in another cheaper video card and run either the TV or second monitor off that. I am doing this in all my systems.

Another posibility would be to install a Black Magic Intensity card instead....

This way you are adding the capability of HDMI input for your Camera and
you can use the HDMI output to your HDTV....

I use a DLP projector for the purpose of monitoring during the edit....

That way I can change the projection size from small to large... if you are editing on a 100 inch projection and you get the footage to look good there,
you don't have to worry about your footage being displayed on anything smaller......... :-)

The Black Magic card supports, Adobe products, Premier, Aftereffects and
Photoshop.......

that card works with many but not all NLE's I would check and make sure it works with yours before that. Otherwise its a great alternative.