I went into my Costco yesterday (my first time in a Costco) in Chicago to check it out in person. They had the GV47LF set next to a $2200 Sharp Aqous, and I could really see a difference in the black levels. Another thing I noticed was pixelation during very fast motion, but I’m pretty sure it was just the HD source, not the television, since it was occuring on the Sharp too. I’m still thinking this purchase through, and to help me, I’m writing out my research and my thoughts. Here are the cons of the GF47LF (pros to come shortly). I culled these from various sources on the Internet and gathered them here for your information (note: sources are most notably the CNET review and postings form the GV47LF thread on AVS forum):

1. As CNET pointed out in their review, the GV47LF’s black levels show lighter than most plasmas and some LCDs. In their tests, the letterbox bars appeared grayer than with the other HDTVs. This is not a problem limited to the GV47LF–it’s common in most LCDs. The black levels of LCD screens are slowly improving, but they still fall short of plasmas. However, there comes a point when black is as black as it’s going to get. Owners of LCDs say these black levels are only noticeable when comparing one HDTV to another. But once you get the screen home, you don’t notice the lightness of the blacks. For instance, you wouldn’t view a shot of space and think, “Wow, space is actually gray!”
2. Some owners are experiencing audio synching problems, with the audio lagging behind the video. On AVSforum.com, they are debating whether it’s the TV or the HDTV source (cable TV + over-the-air broadcast).
3. No dot-by-dot aspect ratio mode with 1080i sources.
4. Nondefeatable overscan causes horizontal stretching. This means a circle will look more like an oval. An AVSforum.com poster claimed the GV47LF stretches the picture 3%-5% of all HDTV sources except for 1080p.
5. The standard definition viewing experience will be a step down from normal (CRT) viewing.
6. The remote is almost useless. You’ll have to purchase a new one.
7. The menus on the television have an almost unreadable yellow text on gray background.
8. Some owners have reported an annoying speaker buzz.

Now the Pros. Most are fairly obvious:

1. The price, which is currently $1,599 (with Costco membership). What other flat screen is comparable? Look for yourself. There are 720p plasmas this size or bigger that are close in price, but do you want a 50-inch plasma with 720p?
2. 1080p, which means it’s future proof. I’m not sold that cable  TV will get to 1080p within a couple years, but I do believe that other kinds of content will, and the ratio of cable TV you watch vs, say, computer (internet) or gaming content will slowly tip toward the latter.
3. 47 inches. I live in 1 and a half bedroom apartment, and this size TV is perfect. Just on the verge of being too big, but still perfect.
4. 2-year warranty from Costco. If you buy today and a pixel goes dead in May 2009, you’re covered.
5. 90-day return policy. If you hate the TV, the only pain you’ll be feeling is having to haul it back to Costco.
6. Removable speakers. I have need of the speakers, but one day I won’t. It’s very nice to have the option to remove them.