I wish I could predict price drops :). Just set some alerts for Samsung Plasma or Panasonic Plasma on slickdeals.net (under Tools and Info --> Deal Alerts). You can even type the name of the exact TV you are looking for or make general key word phrases. You get 75-100 Deal Alerts entries so you can knock yourself out putting in 10-20 TV models heheh. See what pops up in the next month or so.

If your room is very brightly lit, there will be more reflection on the plasma screen. For some people this is a serious deal breaker. I have 2 windows in the living room right next to the TV and I lower the blinds when I watch the TV. You guys should go to the store and see how plasma and LEDs compare. Because in the stores the showroom floor is very bright you'll be able to see if the reflection/glare on a plasma bothers you in nearly the worst case scenario when many bright lights are shining on the TVs.  

HDTVs work off filters for that 120Hz effect, that's why there is a minor delay when it's turned on, you don't play games with it since the lag is really bad. For true 120Hz+ refresh rates, look for computer monitors that supports it.

120Hz would be a good idea for future proofing the TV... 240 just sounds insane.

The $999 55 inch Panasonic TC-P55UT50 I linked earlier that I told you to watch for it to drop to $800 is now $699 (but this price only shows up in cart once you check out): http://www.bestbuy.com/site/Panasonic+-+55%26%2334%3B+Class+(55-1/8%26%2334%3B+Diag.)+-+Plasma+-+1080p+-+600Hz+-+Smart+-+3D+-+HDTV/4841545.p?id=1218541222563&skuId=4841545&st=panasonic%20plasma&cp=1&lp=4#

Also, Sears might have the same TV for $699: http://slickdeals.net/f/5838102-Panasonic-Smart-Viera-55-UT50-Series-Full-HD-3D-Plasma-HDTV-699-at-Sears

LG - 50" Class (49-9/10" Diag.) - Plasma - 1080p - 600Hz - HDTV ($599)
http://www.bestbuy.com/site/LG+-+50%22+Class+%2849-9/10%22+Diag.%29+-+Plasma+-+1080p+-+600Hz+-+HDTV/5225047.p?id=1218627592662&skuId=5225047

Plasma IQ rankings are Panasonic > Samsung > LG.

I appreciate that!  That was the one I was watching and waiting for it to come down.   I Just placed my order for my $690 in gift cards from best buy (through my work).   I hope they will still have stock in about 1-1/2 weeks.  

So i got my giftcards today, and yesterday they ran out of stock of the "55 inch I wanted :(.

LG 60PA5500 60" Class Plasma HDTV - 1080p, 1920 x 1080, 16:9, 600Hz Max Sub Field Driving, 3000000:1 Dynamic, HDMI, USB = $700

http://www.tigerdirect.com/applications/searchtools/item-Details.asp?EdpNo=3974452&SRCCODE=LINKSHARE&cm_mmc_o=-ddCjC1bELltzywCjC-d2CjCdwwp&AffiliateID=lw9MynSeamY-3p5bHDgXzAnbWk_WpBFyrg

I think BestBuy can price match electronics. Not sure if they sell this model.

I noticed you have a WiiU.   I'd highly suggest you check forums like AVSForum and/or the TVs guide ahead of time to see how it handles overscan.  Make sure it has a pixel by pixel input setting or similar setting as I assume you will want to be connecting via HDMI.   For some reason the WiiU didn't keep the "safe" areas that have been traditionally kept for TVs that do overscanning and doesn't have the ability to resize the picture except in some areas like MiiVerse.  Evidently even some pretty decent TVs still overscan and don't have a bypass which just seems crazy to me.   

Ideally it would have a Game setting as well that defeats the wizardry that makes BluRays look better to reduce any kind of input lag.  As others have said Plasma will to do well here.  My plasma is noticebly better than my LCD for gaming (of course the Plasma is very high end and the LCD is not so that makes a difference too).

If you want to have a monitor that will last you a long time, just go for a 240Hz, it's worth it.