[sherrferris]

obviously if you have been reading online then you know most of the differences in specs between the two, but I will throw it at you again.

Plasma

pros
better blacks
no back light bleeding (at least not on my panasonic)
480hz refresh
truer image reproduction
glass to protect the screen underneath

cons
put off a lot of heat (nowhere near crt, but more than lcd)
can glare badly if you have outside light hitting the screen directly
anti glare coatings can create a crosshatch style pattern when view from extreme angles (as in angles you would never watch your screen from anyway)
must remain upright at all times! never lay it flat or turn it upside down.
possible burn in (very slight chance unless you leave your tv on a static image for days on end, and with new tech it will go away after about 20 minutes of moving pictures. I have left mine on the ps3 menu overnight and within minutes the image is gone)

lcd
pros
less heat
brighter backlight so better viewing in bright environment
color is generally artificially bright but can make it look better (think digital vibrance increased in nvidia control panel) but some people like it that way
cheaper

cons
can have bad backlight bleeding, especially on cheaper models.
only 60 or 120hz, although i dont notice a difference between 120 lcd and 480 plasma
something about the 120hz 1080p tvs make them look fake to me. very noticable on movies like happy feet, or Pirates of the Caribbean. not sure how to describe it, but it looks like things in the foreground are superimposed on the background image. go watch a blue ray movie on a 120hz tv and you will see what I am talking about. If you dont notice it, then dont worry about it.
nothing to cover the screen. probably only an issue if you have animals or small children. my in-laws cat tried to jump ontop of their lcd and cracked the screen. warranties dont cover that kind of stuff.

I went back and forth for a long time and ended up with a plasma. It worked better for me than an lcd and I would never go back.