At first, I thought I shouldn't post any in this thread, but changed my mind to share my experience/thoughts in a hope that someone might see this as an useful information. It is not right to simply say that Plasma lovers are very much blinded and don't talk about the cons. Of course any technology will have some pros and cons and enough information is available in the Internet for an individual to judge. I am a plasma lover and so it is obvious that I would be always be recommending a Plasma TV and finally it is up to the other individual to decide on his own. So if someone recommends a particular technology, let's not abuse them since that is their opinion.
Leaving aside all these things, here is my simple recommendation to decide on LCD vs Plasma.
Point#1: If you are an videophile, simply go for Plasma without any second thought. I am not saying LEDs are completely bad for all videophiles, but to get a Picture-Quality (PQ) on par with a midrange Plasma, then you need to invest 1.5 times more for getting an LED of similar performance. To put in simple words, an high end LED TV is equivalent to a mid-range Plasma. This is the fact.
Point#2: As I mentioned above, if you are an videophile and not prepared to compromise on the PQ, plasma is the way to go but with a rider. The rider is - you need to take care of Plasma just like you take care of your kid. This may sound bit exaggerated, but that's how I handle my Plasma TV. Of course - this is a call you need to make if you want no compromise on the PQ. When I say about taking care of Plasma, few precautions need to taken for the few 150 to 200 hours, watching in the bright rooms, etc. Just like if you buy a Ferrari, you should take care of driving it only on express highways and not on other roads.
Point#3: If you are not an videophile, then never go for a Plasma. Again this is just my opinion. LEDs are catching up with the Plasmas these days and so they becoming better day-by-day. Again, I am not saying that LED's PQ is bad. In fact, LEDs too have an excellent PQ, but when compared with the Plasmas, there will be some "if's and but's".
Rest of the points on Plasma vs LED can be found in the Internet and I am not going to write here. Finally, you are the one who is going to decide on what works best for you.