I usually prefer to have the list on the TV, since that way it eliminates a middleman when it comes to image processing. However, be prepared to invest on a router for VPN support. I bought a "portable" mini-router to load up a VPN when necessary (it even features a switch that allows me to turn the VPN on or off when needed).
At the end of the day, see what solution fits better for your needs and budget. I rather prefer to have the TV handling the image processing directly and a second device for "sporadic" VPN usage, but others like the more advanced features of having something like a Formuler. There's no "one size fits all" solution.