I have the LVM37-w1 and I think the processing is the same, but I'm not 100% The back light is there and works just as described. Terrible manual. There are three different versions of the w1 though each with different advertised contrast ratios 600:1, 800:1 and 1000:1. I got an 800:1 before I knew of the 1000:1. From what I have heard the 42 is an improvement, and there is also an LVM-37w2 now, but I don't know much about it.
The oddest thing I have found is the number buttons on the remote. I surprised that Clint did not mention them as much as he likes hating remotes. The TV has no internal tuner, but 1-9 are laid out like you can do something with them. Some of them will even bring up random parts of the menu?