Raja, I was looking for a 40/42" LCD/LED/Plasma to supplement my 51" Plasma. I will be connecting PC and Cable. Didn't care whether it will be LCD/LED/Plasma as long as it was under 45K (it is my secondary TV, remember).
What I found out so far... and this is during the festival season in Kerala.
Samsung stopped LCD at larger size. The cheapest LED was 40" 5000. I was quoted 49.5K.
LG has LCD and LED. LCD prices varied from 43K to 45.5K. 42CS470 was offered at 43K, LK430(2011?) at 45.5K and LK450 at 44K. Sales person said that there is a 51K LED model that will ship by next week. Don't know the model number.
Sharp has LCD. 40M500M was offered between 40K and 41.5K. 40M550M was offered at 43.9K.
Sony 40NX520 was offered at 49K.
For the first time, I found good 40-42" LCDs at prices comparable to Plasmas. Last year, there was a huge difference.
I am yet to explore the Plasma. However, I know the approximate price from my last year's search and the eventual purchase of my plasma. Hence will do a cursory check at the end of my this round of research and then make a final decision.
Regarding the demo, I will suggest that you watch the LCD/LED in a showroom and watch Plasma in any HFV member's house(if possible).
Don't worry about the power consumption etc. LCD and new plasmas consume more or less the same power(LEDs are less power hungry). Unless you watch 24 hours, it will not make much difference. Remember that LEDs cost a lot more than the LCDs and Plasmas.
Failure is expected for both panels/TVs. My 26" LG LCD and my Samsung 51" plasma had problems. Hence warranty/extended warranty is a good option to look for.
Samsung (and LG) will play anything that is thrown at it. Sony may not play many formats :-(
Go out, check with showrooms (and HFV members) and demo. Prioitize your features (warranty is one of them). Enjoy the hunt.
If I finish my purchase in the next few days, I will PM you. Good luck.
NB: All the prices I have quoted are Kerala Onam Festival prices.