After reading through this thread and some online research, I finally pulled the trigger to but their new model 55K322, a 4K LED TV. Got it for 29,600 at Western Appliances in trinoma last Friday.
Had a lot of fun watching over the weekend. My wife and kids are very happy with the TV and picture quality.
Other options I considered were an LG 55UH600, a samsung J6200 and a sharp TV. But the hisense came out 12K cheaper than any other 4K branded TV. The TCL 4K is about 7-8K higher also at discounted rates. I really wanted to buy an OLED TV but decided to put it off until the prices come down a little more in a couple of years. So I thought of just buying a TV that would not be too expensive as I plan to upgrade in a couple of years anyway.
The movie codec of the USB ports is pretty much updated and is able to play HEVC files in addition to the usual MKV files. I also think the TV does a good job in up-scaling videos. Even my 720p files look great with the TV. What I noticed though is whenever you play a movie, it defaults to open the file to fill up the whole screen which sometimes stretches the picture. Ofcourse it can easily be adjusted through the picture menu.
Playing hevc UHD files through the USB was easy. The picture was great. I am coming from a 42 inch Panasonic plasma TV X20, and I have to say, I am highly satisfied with the colors of this Hisense TV even at default settings. Black is deep and I did not notice any back light bleeding while watching.
My only challenge with the TV is after connecting it to my receiver and activating the CEC option, I noticed that the TV would sometimes fail to launch its menu of options like the home button or the quick application launch buttons (i.e. netflix or youtube). Picture doesn't freeze or anything. It just doesn't display the menu options. Only solution I found so far is to turn the TV off and on using the remote. I hope it can be addressed by a software update to make this more stable and its not hardware related (small memory or ram).
Hope this helps others who are looking for a cost efficient 4K TV.