Lately I've been asked a few times about which is "better", plasma or LCD? In 2004 I posted "The display technology guide", but that's now kind of out of date.
Bryan pointed me to this more recent May 2007 article, Home Theater: Plasma Vs. LCD. Since I had last looked, plasmas have dealt with some of their negative aspects, like the risk for burn-in.
So what about the question on which is better? First, I'd ask this simple question:
Will you be watching in a typical family room?
Yes: You should get an LCD, because most family rooms are brightly lit, and the one major strength of LCD is that they are bright.
No: You should get a plasma, because they are better than LCD in almost every other category other than brightness.
Don't be tempted by plasma's superiority in every category except brightness, because most family rooms are very bright which means LCD's win most of the time.