I still prefer plasmas as they are cheaper and are as vibrant and have deeper blacks than some of the leading LEDs. The electricity consumption only works out to about $20-$40 extra a year.
The drawbacks are the plasmas are heavy since the entire front is heavy glass and that polished glass also leads to glare issues if there is a lot of light where the TV will be. If you have a lot of sunlight shining in and it will reflect on the TV, perhaps avoid Plasma but otherwise I always prefer them. With your bay window setup, I would definitely assume glare would be a big problem so perhaps avoid plasma and find a screen that works well with your lighting environment.
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The hz rate affects how smooth the motion is. I've been told for a good gaming experience you'll want to get at 120 instead of just 60. There are higher types too but I'm not sure how necessary they are.
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For gaming, don't bother with 120Hz TVs if you can save money by going for a 60Hz TV. 120hz offers no advantage to video games unless you are doing 3D. It can even be a negative experience since 120hz sets generally have worse input lag. Console videogames are almost all 720p (or lower!) locked to 30 or 60 FPS (or slower!) so 120Hz won't do anything unless you are PC gaming and have games and hardware that can actually run at 1920x1080 @ 120 FPS with a 120Hz v-sync to avoid tearing.
If you are watching sports on broadcast TV, every cable/HD satellite package is basically heavily compressed (with artifacting) 720p @ 60Hz anyway so again, 120Hz is useless. The only sports signal that used to be uncompressed 1080p (or maybe it was 1080i) used to be CBC HNIC OTA but I believe they've cut that down to 720p also a few months ago.
Honestly, most TV stuff is marketing and fluff and most people don't realize with current gen games and television, all they need is a 60Hz, 720p TV because your source signals are rarely any better than that. You only start caring about 1080p, 24p frame rate, 120-240Hz refresh rates, 3D, etc. when you are a big home theatre cinema-phile and watch everything on the highest definition Blu Rays with players with all the latest features, etc. Even in those situations, many people dislike the "soap opera effect" of many of newer features like motion interpolation on 120Hz+ sets.
For me, the most important things are response time (rarely advertised correctly these days, probably have to read home theatre forum reviews) and black levels. Plasmas and LEDs with selective dimming are best for this. The classic symptom of poor black levels is a washed out image, poor contrast, and grey instead of black. Plasmas are naturally good at black because of the gases used and LEDs are better than LCDs at black levels because they can selectively dim LEDs in the panel where black appears in the picture whereas LCDs rely on CCFL backlights which flood the image and cannot be selectively dimmed.
We really need to sticky a TV buying thread. There is a post like every week.