Generally speaking (not HD spec),
LCD is more expensive than the older technology plasma;
LCD has a higher resolution than plasma; and
LCD has a longer life expectance.
In terms of picture quality, LCD is closer to CRT TV, which is the best.
If you are looking for LCD TV, buy only Japanese brands that are made in Japan like Hitachi and Sharp. If you are on a tight budget, buy Philips. These brands are proven in terms of software and hardware. Any other brands, u are taking risks.
Common misconception: LCDs are cheaper! Because they come in smaller sizes. Plasma is more expensive because the entry models are much larger. Same size, plasma is always cheaper.
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