I am biting the bullet and picking up a HDTV this week, either LCD or Plasma.
My main choice was plasma. I hear conflicting reports of plasma and burn in, I dont buy into it completely, but you have some people who are basicly on the "ZOMG 30 MINUTES MADDEN = BROKE TV" and others who say "burn in dosent exist permanently if you do a burn in for a 100 hours or so and treat your tv well", I plan on console gaming a moderate amount, I generally do it for 2-4 hours at a time, if friends are over and a new release is out (like say guitar hero) weill play for like 8 hours straight etc etc. I never fall asleep in front of the console or anything like that.....
LCDs are also pricey, but don't have burn in problems. They do, though, have comparatively shitty contrast ratios. (Say, 1000:1 for a decent set compared to 5000:1 for DLP or LCoS and 10000:1 for plasma). (Translated, blacks aren't very black and details can be lost in dark scenes.)
In response to the contrast level hype above, throw it out the window. Manufacturer contrast ratios are the biggest load of bull you could possibly imagine. Read this explanation for some background information.
+ Direct sunlight. No glass screen = no glare, picture quality holds up better than plasma in bright rooms.
+ PC use. Windows taskbar is a major burn-in contributor when using plasma + PC.
+ High altitude (6500+ feet)does not affect LCDs, but can affect the gases used in plasma sets producing a buzzing noise. Certain plasma sets are rated for high altitude, but usually cost more.
+ No burn-in, althought plasmas have greatly improved in dealing with burn-in.
+ Lower power usage.
+ Easier to install. LCDs are usually lighter and tougher than plasma, and can usually be installed by the end user. Plasmas are best installed by a professional on a wall that can bear a lot of weight.
+ Better picture quality - contrast ratio, deeper blacks, color saturation - in controlled lighting situations.
+ No blurring, although LCDs have greatly improved in dealing with blur.
+ Wider viewing angles.
If I wanted a living room TV, I'd probably go LCD. More versatile, lower maintenance.
If I were going the full-on home theatre route, I'd probably go plasma. Higher maintenance, but near-CRT picture quality.
True, manufacturers exaggerate their contrast ratios, but that doesn't alter the fact that different technologies have very different ratios. LCD is the worst, DLP and LCoS are better, plasma is very good, and CRTs have a theoretically infinite CR.
Also, the brighter whites of an LCD aren't terribly important in good viewing conditions. Most people have the brightness on their TVs cranked up too high, anyway.