some random thoughts from my search so far on why i am choosing one over the other.
* lcd prices are really falling fast as predicted since the last quarter of last year. prices as recent as from last month has fallen down as high as 30k, or am i being conservative? although that includes price drops by getting away with the freebies, most people are just too happy to get just the basic panel... since the bottomline is getting one for the minimum amount of cash outlay. still, more price cuts are expected until midyear, then higher res panels will come in which will nudge prices a bit higher again. just a bit though considering the higher spec'd model you can get by then. so, the lcd horizon is really looking bright.
* plasma lovers haven't been as lucky. there's no announcement of a substantial price reduction to match that of the lcd's. so i'm more of waiting for the sweet spot which for me will be like >720p panels for less than 90k, pref. 75k. is it wishful thinking on my part? currently the greatest price drops are on lcd's of 32" size from any brand. 37" and higher are still in the 80k region or more, so at 90k for a 42" plasma panel... the choice is not as hard. i'm not too inclined to get a 32" coz my tv now is 29" 4:3, and i might not feel the upgrade too much if i only get the 32".
what got me interested in the plasma again was when i had seen a panasonic plasma showing a mostly headshot interview in a dark background. the effect is really 3d like. they may be not as bright as lcd's but plasma color is rich, not oversaturated. makes for a more pleasing skin tone rendition. previous to that, i had only seen plasmas displaying snowy pictures or with interference signals running all over them.
* projectors are what's been keeping me from jumping into the flat panel bandwagon. as i've said, i really want to be awed by the size of the images, and the most affordable route for 50" or larger screens would be the pj's, esp. the dlp ones. what's been keeping me from them though is the inconvenience in doing the setup. it's either i will have to run a 20m hdmi/dvi/component cable from dvd to pj for the video.... or have the two close together then run a coaxial cable for the audio from the pj to the amp. i have yet to see a pj in a proper setup though, so i might change my mind and decide i could live with the hassles of operating one.
so, for 32" needs... lcd is the way to go mostly by virtue of no plasma panel available locally for that size. if you want a larger screen, 42" lcd panels are still on par with same size plasmas in terms of price. still haven't heard of a sub-100k 42" lcd. so, all else being equal... plasma it is for me for color rendition and contrast. if you want your image to be big but doesn't have the moolah for the sony 50" x-series... pj's are the affordable, value for money alternative.