Plasmas can be susceptible to screen burn-in (though if they're broken in properly, it pretty much becomes a non-issue), they put out more heat, and they're heavier.
With that said, plasma TVs definitely have better picture quality. Their contrast ratio (light to black levels) and color variance is unmatched (even by LED backlit LCDs), and their refresh rate is also far better; LCDs that refresh at 240Hz interpolate frames to refresh smoother than at 120Hz, but result in TV/movie watching having a more video taped or "soap opera" look as opposed to a cinematic look. Plasmas refresh beautifully and retain the intended video integrity. Not to mention that they have a much, much better viewing angle as well.
Bottom line, plasmas do everything inherently better, but if you intend on using it in a brightly lit room, for example, or displaying your PC on it for extended periods of time where burn-in might become an issue, LED LCDs aren't without their perks (albeit minor ones, IMO).
Best plasma brands: Panasonic or Samsung
Best LED LCD brand: Samsung (Sony's ok too)
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