I just went through this whole self imposed battle for a new TV in my livingroom. I analyzed the situation for a few weeks before making a decision.
First...I purchased an LED/LCD unit with local dimming.
If I had a room where I could control the lighting, I would have went with plasma. From my experience, it is the better picture overall.
But my livingroom is a multi-purpose, has a large window that I do not want to cover, and the dining area is adjacent. With my old Epson RPTV/LCD, the reflection and glare bothered me.
The two TV's I narrowed my decision down to were the Panasonic 54" G20(plasma) and Vizio 55" 553SVT(LED/LCD). Both TVs had better reflection and glare properties than my old TV, but the matte screen of the Vizio was much better. Power consumption, the LED/LCD may save me $25 a year...not a big deal. Plasmas put out more heat, that could be a issue for some...but not for me.
While the blacks of the plasma are better, the local dimming LED is extremely good and fairly close. The color linearity was rated good as well...but I am not a video guy, so I don't currently have a good eye for this sort of things. I also haven't noticed any issues with fast motion...and I watch sports. Of course, there other picture characteritics that each have...that you may like, or not...so those you will have to judge.
The greatest thing of all....no glare or reflection! All the light in the room, and I have a great picture.