Well I have a 60 inch KDS-60A2000 Sony LCD TV and 5.1 surround stereo sound in my media room. I have a daughter and friends who have Plasma systems. Both types have very good picture quality running at 1080 high res. After doing as much study and observation my comments are that the LCD, has better and more realistic flesh tones and better color balance overall. On most of the Plasma TVs I have seen all people look like they have extreme tans. The owners and I have adjusted them with no improvements. Also unless you get plasma with a very fast processor, you will see slight ghosting when things move very quickly on the screen. The number of viewing hours before failure is lower with plasma than it is on LCD systems. Plasma systems are slightly more expensive with a shorter life. Most that I looked at in the showroom and in homes have a kind of glassy appearance to the screen like there is a very reflective glass over the display itself. Kind of like the old computer monitors before the flat panel displays came out. In a home living room the reflected images was distracting to me.
My study was done about 3 years ago so consider that fact in what I say. I suspect that new plasma systems have improved but when I got mine I felt the LCD was the more cost effective TV for home use.