I think Fred basically described it, and more properly than I could. I don't think plasma is "better"; I have just learned over the years that I prefer it for reasons I don't fully understand. YMMV. the lowest line I can read on the eye chart is OFLC3. I do watch a lot of sports.
That being said, I didn't hesitate to get the LCD for our bedroom since its kind of a secondary zone and I really liked the ultra thin form factor for that installation.
42" seemed to be the sweet spot when I was shopping a year ago.
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