NEC MultiSync® LCD4010

Advantages

      
Quality units have good brightness levels
      
No real estate: A LCD tv screen hangs on a wall and takes as little space as a picture.
      
Low operating cost per hour ( over 35 inch  expensive acquisition cost)
      
Long Life.  Expect 30 to 50,000 hours bulb life according to Sharp ( Please note that the picture can fade over time on a LCD TV.Typically, expect prime performance to last closer to 20 to 30,000 hours maximum ( 13 years at 6 hours per day). Expect substantially less on a no name. 

Disadvantages

One problem with LCD tv screens is that they have a inherent delay problem. This is something that cannot be overcome. " It is the nature of the beast".  When a fast moving object moves across a LCD screen the delay of LCD technology causes "artifacting"  Basically there are trails or blockiness of the image since the screen cannot keep up. There are newer LCD panels  that have lower m/s ( millisecond) times but there still is a delay.  The good news is that with a good name brand LCD tv the artifacting is minimal and really wont be noticeable until you get a screen over 30 or 35 inches. At that point the delays will be noticeable and in some cases extremely annoying.   Expect severe artifacting on "no name" units to the point of making the tv basically unwatchable .
      
Black levels: A LCD display has a backlight which shines through the lcd panels. The panels allow or block light depending on what is required to produce an image or a color. Most , if not all, LCD tv's tend to have difficulty going fully "black".  Blacks tend to have a very very dark grey.  This is especially true on no name units.
      
Field Of Vision: Even the best LCD tv has field of vision problems. When you look straight on the picture looks great, as you move to either side the picture quality diminishes and eventually disappears. Some LCD tv makers claim up to 170o  field of view. This is a complete lie. To quote one major manufacturer  " well it doesn't mean you have a great picture for 170 degrees, but you do have a picture" . Realistically a good LCD tv such as a Sharp Aquos will have a a 90 degree (45 each side) usable picture.
      
Single Usage:  There are many LCD screens on the market but very few have good video processing. If a LCD screen is made as a computer monitor, it is usually very poor as a video display. If you are planning to use the unit as a tv, do not buy a computer monitor with a tuner upgrade. Stick to a unit designed for video such as a Sharp Aquos.  For dual purpose, buy a lcd tv with a computer input, not a computer screen with a tuner
      
Expensive over 42 inch,
      
Unbelievable amounts of no name junk units on market. Stick to name brands with proper warranties
      
Cheaper no name LCD tv's have very poor picture quality and generally poor video performance
      
Pixel failure: This can be a problem with no name LCD screens. All the major brands have pixel policies which may allow one or two dead pixels. These are not noticeable unless you are right in front of the screen. A 20 inch lcd screen has over  300,000 pixels. so one or two dead could not be seen. No name lcd screens have extremely poor policies which can allow higher then 10%. This would make the unit unwatchable.

Digital looking picture: Many LCD screens tend to have a "digital look " to the image and therefore don't seem to reproduce colors naturally.