Thanks for the awesome responses, now I'm back on the fence about the whole LCD vs Plasma. Perhaps posting both TVs I'm interested in right now would help.
LCD TC-37LZ85 pros
-IPS LCD panel (better colors, lower lag, better viewing angles compared to non IPS)
-1080p
-Easy to use and easy to abuse I'm the type of person that falls asleep watching stuff sometimes and that is a big abuse for Plasma...
Cons
-1080p but only 37 inch TV means I'll need to be 6 feet away to enjoy that 1080p..
-Plasma picture quality rapes it
-It's 50 dollars more expensive
-Motion Blur still exists...6.7ms ain't bad but nothing to scream about...
Price 749.99
Plasma TH-42PX80U Pros
-42 Inch TV for 50 dollars less than the LCD
-Motion Blur does not exist on plasmas
-I'm assuming plasma have no lag at all
-It's Panasonic they seem to be more known in Plasmas
Cons
-It's plasma, I'm afraid I have to baby it, and that the tv will dictate what I am able to play.
-720p but 42 inches...
-I can't game on it much for the first 100 hours instead gotta pop a DVD and keep the TV on for a week or so
-I don't watch TV and when I play a game I tend to stick to that specific game for a long time, doing so increases chances of IR and burn in.
price 699.99