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I still feel plasma has the best picture quality and color rendition vs LCD. LCD is 'brighter' although brighter doesn't always equate to better picture quality. The best picture quality ever were the Pioneer plasma Kuros displays whch are no longer being made but still show up on ebay occasionally (not that I would recomend buying a used panel) and stil fetch a pretty high price. Right now the panasonic GT/VT series plasma are very good. LG is coming out with OLED displays next year (55") which a different techonology altogether but pricing is unknown at this point (probably $$$ for the first offerings). For a cheaper mid size display the samsung has a 1080p plasma 51" in the 700 to 800 range on sale, and the 720p version is $500 on sale (normally about 600) which isn't a bad secondary display as just about everything is still being broadcast at 720p. Keep in mind plasmas do draw more power (50" run about 280 to 320 watts, where as a similiar sized LCD would be less than half that. Go to AVSforums.com to get more opinions on display tech.
Each of the technologies has it's proponents, and they each have pluses and minuses. LCD is brighter and best for lightened rooms, while plasma has rich colors and deep blacks and no motion blur. There really is no correct answer, just the answer that is right for you and your viewing needs. Some of the best resources for the choice between LCD vs plasma are a couple of magazines - Sound&Vision or Home Theater magazines - as well as avsforum.com. Try avsforum.com not just for the general discussion of the competing technologies, but for inputs by real owners of the different brands and models.
Not to beat a dead horse any further, but anyone interested in the shopping choice of LCD vs plasma should check out the link. This article appeared in Home Theater magazine in the January 2012 edition, and I stumbled upon it after giving my general response above. This is a fabulous primer on the two technologies.
http://www.hometheater.com/content/how-choose-flat-panel-hdtvs
Enjoy!