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It's a very good TV, especially considering the price. It's a Samsung so I think you're safe. It doesn't have many extra features (I personally don't care about those at all), things like youtube, surfing, apps...etc for the TV itself. Since you already have a console it'd be a waste. No word of contrast ratio, but the figures they include are TOTAL BS anyways, you'd have to see it to judge. The only issue I see is that it only has 2 HDMI ports, and 1 component.

Just a note. It says LED, but it doesn't really mean much. They just replaced the edge-lit CCFL lamps with LED ones. It won't offer a much contrast ratio VS LCD, but still pretty good.