FullHD, 40-50inches for an LCD that will eat up your entire budget. OR 50 inch 720p plasma for $600-700 (PS3 games mostly run in 720p, so is a lot of HD content, and blueray is unreasonably expensive so far). Plasma's cheaper and has better colour, but has that nasty risk of burn in if you leave a static image for hours (such as forgetting a DVD on pause for a day or playing a game with healthbars non-stop for 24 hours).
LED is just LCD with a diode backlight. More expensive, but results mostly unimpressive.
OLED is another technology entirely, nothing like LCD, but costs like 10x more, thus making it utterly impractical so far.
Best value for money (10/10 price, 10/10 reliability, 9/10 picture quality) is Samsung. Sony's 8/10 price, 10/10 reliability, 10/10 quality. Panasonic is 7 on the price, 10s on reliability and quality. Hitachi is also supposed to be good, just a bit hard on the wallet.
Philips is 3/10 price, 100500/10 useless bells and whistles. Some low-end models are also rebadged Magnavoxes.
Sorta-crap brand: LG, Vizio
Utter crap brands: Akira, Rolsen, Silvania, AKAI (not your daddy's superhifi system brand; the rights to the brand name were bought up by crooks from China after its bankruptcy)