Pros and Cons
LCD usually boasts a high contrast ratio and very fast refresh rates, which makes for easy-on-the-eyes viewing and very little blur when watching high-speed events such as sports. With less glare than plasma, these make for great looking home televisions. However, LCD design creates what can sometimes be a limited viewing angle. The quality of the picture will decrease as you move around to the side of the TV. This is a fundamental issue with all LCD screens and while it may not affect some users, it is nonetheless important to note depending on your needs.
In a DLP TV, the core component is the bulb. While the bulbs have a limited lifespan (usually about 10,000 to 20,000 hours), and cost about $300 to replace, there is no such thing as "burn-in" with a DLP TV. When the image starts to dim and the picture gets blurry or faded, replacing the bulb will rejuvenate the image. With LCD, burn-in is a significant issue, which occurs when the TV is left on too long or sometimes even just from extended use. When that happens with an LCD, the only option is to replace the entire screen. With DLP, a new bulb is like getting a new TV. In addition, with DLP, dead pixels are much less of an issue, as the individual pixels are not turned on and off the way they are with an LCD screen.
As previously mentioned, one major pro of buying DLP is the screen size for the money. A 50" DLP capable of 1080p resolution may cost less than $1000, whereas an LCD with the same specifications is almost certainly going to exceed that price. Therefore, while LCD may be trendy and popular, do your homework and look into DLP. You may just save yourself enough money to buy that PS3, too.