I haven't looked into this issue specifically but my guess is that they measure it differently. Just like the "Rise/fall" spec, it's long been a swindle. Change how you measure a spec so you can come out looking better.
You'd think there are standards regulations to deal with this though.
Rise/fall should be the speed at which a single pixel in a display can rise to white then fall to complete black. Some manufacturers, looking for better numbers to publish, measure it in some kind of grey-to-grey timeframe. ie. measure how long it takes to go from white to grey or black to grey, roughly half the time as a true black to white.
This is what owed partly to LCD becoming a 'faster' display. You know what they say: Fake it 'til you make it!
Unfortunately, there are no industry standards. Many have decried contrast "specs" for a long time, but the industry still has not responded by introducing a standard. In essence, "contrast ratings" are the display equivalent of "snake oil," especially to the uninformed. Just like the way that all display manufacturers have the settings on the displays set to "knock your eyes out" in the showroom when perhaps calibrating them before they leave the factory would allow the average consumer to make a better decision in the showroom. IMHO, this is the main reason that LCD "looks better" than plasma to the uninformed in the showroom.
Personally, I think LED LCD is a transitional technology. LCD, no matter how you look at it, suffers other problems, too. To me, the most notable of those problems besides viewing angle is the fact that color gamut is something like 80% of NTSC. I recently read an article where someone claims to have made that much closer to 100%, but for the majority of LCD based displays out there do not have the capacity to faithfully reproduce color.
I've been watching the development of OLED for a long time, and it looks poised to make a major market influx between now and 2014. LG is releasing a 15" set this December. Sony and Samsung claim to be ready to release sets in the 20" - 30" range next year. LG is targeting 2012 for a 30" at $3,999 US. While that may sound expensive, and we can likely count on "expensive" for the latest models, it sounds like there will be a fair amount of competition from the outset, and that should drive prices down rather quickly. Epson claims to have a production ready technology that allows "printing" OLED displays, and my bet is that their claim to fame with that technology is that the production costs for displays made with that technology will be extremely low.
OLED is superior to LCD for color gamut, too; some of the specs I have seen are 120% NTSC. Not to mention it is emissive like plasma and, therefore, does not have the viewing angle problem like LCD.
Just my take, but it seems not all that far off, and perhaps cheaper, initially, than either plasma or LCD initially were.
Anyone interested in more info might try
this site among others.