While pondering over which TV to buy, the first two basic factors to be considered are budget and screen size. Both are interrelated. Lower the budget, smaller will be the screen size. But if you are going out with a bulging pocket, the increased screen size will force you to consider which technology to opt for.
Physical Factors: For space efficiency, wall mounted flat TVs are ideal. Most flat panel TVs are four inches deep, some even lesser. Plasma TVs weigh more than LCD TVs, however both are lighter when compared with CRT models. Both plasma and LCD TVs are available in sizes ranging from 40inches to 65inches. Plasma employs gas Plasma technology, the screen turns hot and has in-built fans that can be noisy. This technology performs poorly at higher elevations and cold weather.
Plasma TVs have more options for larger screen sizes.
In a large LCD display, there are chances that of all the switching transistors etched onto the surface of the display glass substrate; some may turn out to be defective. Not so the case with Plasma TV. Both are almost on par as far as size is considered, but for sizes >50inches, the plasma technology scores and at lower end of dimension <37inches the LCD technology is dominant.
For smaller, trimmer versions, 15 to 34 inches, LCD TVs are the only choice.
A direct comparison between Panasonic 57inch Plasma and Samsung 57inch LCD HDTV will reveal that, Plasma costs almost 50% of the price tag of LCD. But both do not have the same specifications. LCD has a resolution of 1920 x 1080 pixels while Plasma has lower screen resolution of 1366 x 768 pixels. The high prices of LCD can thus be attributed to the expensive production processes involved in bringing out such a high resolution. Plasma production processes give a better yield compared to the number of discarded LCD panels due to bad pixels. Along with the high price tag, comes the no assurance tag from manufacturers that the LCD panel is free from bad pixels.
Now compare the 37inch TVs, prices are same for both Plasma and LCD. But LCD scores here for better picture details and screen resolution. Lowering the production costs can put LCD panels ahead in the race!