On these forums (and most others) most people will say "buy sony its the best" but the real question is how much do you want to spend for the quality. Obviously as seen in this thread we have the Vizio sucks or is good argument going.
What you need to do is watch multiple TV's in the same store off of the same feed all in 1080p. Go up to the TV and mess with the settings (switch 120hz on/off or whatever) and see which TV you personally like the best. You can switch the preset tv settings and find the one you like best for each TV. If you can't notice the difference between the $3000 Sony and the $1000 Vizio off of a true 1080p signal, then why waste the $2000? Sure, the true AV tech geeks have tools that allow them to push the TVs to the max and with hours of scrutinizing can tell the difference. But if you stare at the TVs with some high action movies for a few hours and can't tell the difference, or don't think the difference is worth the extra $$ then buy whichever one suits you best.
I'm a big proponent of Vizio because they sell a quality TV in a price range I want to spend. Yes, you can do better, but if you don't have the money than it is a great TV to purchase.
As for everything you asked about, you have to be careful. People measure contrast ratio differently and some companies take advantage of that and push out way better numbers compared to the competition while having worse performance.
As for refresh rate I don't really know anything about the 120Hz refresh, but I'm skeptical if you actually need it since no sources display 120Hz, but it can't hurt. I'd have to read up on it though.
As for 1080p, check what the native resolution of the TV is. If it is 1920x1080 than it is 1080p. If the native resolution is lower, than it is either a 1080i, or 720p TV. The TV you linked to is 1366 X 768p so it is a 720p TV like the one I own.
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