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Well its "good value" , well kind of i would say, to be honest i would expect any lcd over 40" to be full hd at this stage. That would give it an advantage over the hd ready plasma in some area's, i guess but not that many really. What is your watching mainly made up of? gaming, SD tv, HD tv? This should always be taken into account at any budget.
Yes, that contrast ratio is very low and i would expect the black level on this set to be very poor, i would expect images on this to look poorer than on you philips plasma, the lg plasma would do better blacks and better contrast than you philips plasma, and it would do other things better too, motion being the most important one, the hitachi is only a 50hz lcd so it wont handle motion well and that will be apparent at 42". The LG on the other hand will do a far better job, hand down, and seeing as you old philips was a plasma, you will notice this deterioration if you switch to that particular lcd.
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