Plasma TVs and LCD TVs have been the main participants in a long, long war. Even if the two generally produce the same result, they technically also produce different quality images. It is a very important distinction of place between the two. Both the displays employ different technologies that are essential in determining the differences and different places they would be most effective.

First of all, Plasmas are generalized to be cheaper around the 40"-52". While LCDs are cheaper at smaller sizes (42" and down). The difference in price is quite significant. The reason this is because plasma is more popular in those prices because they are generally used for a true Home Experience while LCD is used for just general TV watching.

The main advantages plasma has over LCD includes:
-Availability in large sizes.
-Better blacks and deeper contrast ratio
-Better quality accuracy.
-No lag in motion (motion blur)

The disadvantages of Plasmas over LCDs:
-If used to display static images for long periods of time (on for the whole day for a whole year) then burn-in might ruin it. This means that the image has actually "burned" the screen and left an imprint on it. This has generally reduced greatly over the years and isn't really a worry any more.
-Plasmas produce a LOT of heat compared to LCDs and can't be really placed above a fireplace or a chimney etc.
-Plasmas are quite heavy and although you might find wall stands, it is kind of unsafe. They do weigh 50+kg for the large sizes. LCDs are about 20kg for 40".
-They do not perform well at high altitudes. This is because their technology works with gas and at high altitudes, the air pressure and such might affect them.
-They use up A LOT of power and down in Australia, the government is thinking of banning them.
-In theory, they do have a shorter life span but this is improving over the years.

The main advantages LCD has over Plasma:
-They have no burn in, unlike Plasma.
-WAY cooler than Plasma.
-LCDs use up a lot less energy.
-Higher brightness although this generally might not be good because the higher the brightness, the less effective the contrast is.
-Lighter weight than Plasma is easier to hand up on walls. Not recommended to place above hot places but does not really HARM the LCD.
-A lot longer life than Plasma. This is generally 60,000 hours plus but it varies from display to display.
-Work better in light than in plasma, so its used more for everyday TV watching.

Disadvantages of LCD over Plasma
-Blacks are not really blacks and contrast is not really good, like Plasma.
-Not common in large sizes. If they are found in large sizes then they are VERY expensive.
-You might get dead pixels on a LCD. This means that no image is displayed on that pixel.

So all in all, you might find that LCDs are better for normal use and Plasmas are better for true Home Entertainment experiences.
Source(s):
http://hometheater.about.com/od/lcdtvfaqs/f/lcdfaq2.htm


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