The use of a cursed television set, albeit one from the 1950's, may just be a subtle jab at critics who felt that their was too much 'adult' content on network television and successfully got the show canceled.
In this supernatural case, the television is really evil or rather an apparent channel for some sort of demonic spirit that is willing to give the psychic an extended lease on life, if she is willing to provide some victims.
She is aided by her younger male lover, who does truly seem to lover her, although he does admit that initially he started dating her for less then romantic reasons.
Clients see their departed family or lovers on the television set, in what was an impressive special effect, only to later see these spirits reappear on a television set, seeking revenge. Typically, the psychic gets a two-week extension on her life, but when our heroes get close to locating the television set, it only gives her an extra day, which pressures her to get results fast.
While the special effects and story idea are all great, I felt that the final result was only slightly above average.