Can someone explain cec settings on my vizio hdtv.?

i want to get the most of my new tv. but i don't understand the cec settings. i believe i can set the tv remote to work anything i have connected to the hdmi connections.?? is that right?? so i need to get an hdmi cable for my surround system, wii and vcr ?? i already have my ps3 connected via hdmi.
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