Hi Srinivas
Yes; the PK550 does seem to be a nice model. Another member Scarlet was one of the 1st to buy this model and you can check for his feedback on the same. He seems to be pretty happy with the tv. I guess for the price it is fantastic value being full HD and fully loaded with USB HD playback, bluetooth and what not.
Another thing I wanted to mention was, you should be comparing plasmas with plasmas and not plasmas with LED/LCD TVs.
Colours generally turn out to be more natural looking on plasmas compared to LCDs and LEDs. Some high end LCDs and LEDs though can even beat the plasmas, at a very high cost of course.
My wife and I are also thinking of picking up the 50PK550 soon for our hall, already being an existing owner of an LG 42PQ70 (2009) plasma. Being just a 1024x768 panel, DVDs and 720p/1080p movies look amazing even on this HD ready panel.
If you shop around, you may be able to get a better price than 68k for the 50PK550. I got a quote of 64.8k from my usual dealer here in Chennai. Someone else on the forum has been able to pick up this model for 66k. So I am sure you can get the tv for less than 65k with a bit of effort. Best of luck!
---Venkat