I "upgraded" from a 47" Phillips LCD to this Mitsubishi DLP TV. The first thing I noticed was how soft, uneven and really dull the whole picture looked. I had read very good things online about the picture quality so I decided just to go for it. I should have stuck with the LCD. Yeah they are cheaper but you are getting a more even, brighter, more vivid picture. I also am one of the "few" people who can see the rainbow effect. If you don't know what it is google it. It ended up being very distracting. It is actually quite apparent while watching black and white films. The viewing angle is also quite terrible. From wherever you sit, parts of the picture always look dim and dark. If you plan on watching a lot of Blu-rays like I do, this TV is probably the worst possible one you could pick. It pretty much takes all the good things about the high-def picture on Blu-rays and softens and distorts it.
As far as the sound goes, yes, its really bad. You can fix that though, for relativly cheap, by buying a soundbar or some other form of external sound system. If you don't have a sound system, I would HIGHLY reccommend buying one.
One highlight of the TV would be the 3D aspect. To view 3D on this particular TV, you need either a Mistubishi 3D converter (which in my experience is a terrible, terrible, terrible piece of trash), or you can buy a select few models of Panasonic 3D Blu-ray players. So far I've watched "Tron: Legacy" and "Tangled" in 3D and they both look quite good in 3D. If the 3D aspect isn't a breaking point, and for A LOT of people it isn't, then just save for a few more months and buy a good size LCD, or just keep the one you have.
If you are pretty adament still on buying this TV, I would suggest researching as much about DLP TV technology as you can. I myself just found out that if you don't want to replace your bulb every six months, then you should keep your TV on for at least 10 hours a day, as the turning on/off of the TV takes more out of the bulb life than does just leaving it on. With this TV it is just thing after thing you have to worry about. Its not cheap to fix either if something goes wrong. Yeah, the price now is great, but in the long run you could be spending more money to fix the plethora of things that can go wrong with this TV than you would be spending on an LCD. DLPs are an ok value, but if you want a TV you don't have to worry about in terms of maintenence, then shoot for the LCD, LED, or Plasma.
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