I purchased the LT47P789 a couple days ago. I upgraded from the VP322- 32″ plasma. I thought the plasma had a good HD picture until I put them side by side. There really is a big difference in richness and quality between the 2 pictures. The plasma seems to have a dull film over the picture with colors not as true or vivid including blacks. There is also a difference in detail such as face imperfections that are clearly picked up on the 1080 versus the 720 plasma.
For comparison I used a Gefen tv splitter 1:4 that takes the HDMI cable from my Dish Network receiver and splits it to 4-HDMI displays. The Gefen splitters are a little pricey but they also split the audio correctly including lip sync pass through. 2 x 10 watt Speakers provide decent sound and are not tinny like on the plasma. A would recommend a surround sound system for true theater feel however.
I see little to no motion blur while watching sports in HD. Its comparable with the plasma. The tv also has the ipod docking station that I have yet to try.
The cons I see with the LT47P789 is it does a poor job with SD 480i signals. The plasma also did a poor job. The 480p progressive scan dvd player looks very good however. Hopefully we will have all HD channels in the near future.
Just a note the factory settings were actually not that good for my taste when I got the tv. After doing some adjusting I ended up with: video status-dynamic, tint-45, color-68, picture-54, bright- 52, detail-25, back light-100, color temp-cool.