When I saw a local retailer had this set on sale starting today, I couldn't help myself and ran out to buy one...making sure of course there is no restocking fee for returns.
It turns out this otherwise excellent TV will have to go back. For watching TV and probably console gaming, the picture seemed excellent to me. Nice blacks, and in my limited time playing with it I didn't notice any backlight bleeding at all.
For PC use however, it fails the 4:4:4 test using a DVI>HDMI cable from my GTX 260 to the TV. I also found that even with the sharpness control turned all the way down to zero, there was still some 'vertical' ringing or edge enhancement that I couldn't turn off. All extra noise reduction, auto adjust features and so forth were all set to off. The only thing that made the ringing less noticeable was jacking up the contrast all the way to 100, which doesn't seem right to me. There was also some dynamic contrast adjustment going on that I couldn't find a way to turn off, but perhaps this is normal now for these sets with dynamic contrast ratios?
To top it off, the support rep I chatted with at Panasonic last week who assured me she would get back to me with the information about the 4:4:4 support never got back to me. Meh...
I guess I'll wait and see if the new LGs still properly handle 4:4:4 over HDMI, and maybe have improved black levels.
I've attached some not so great phone pictures of some text from this thread to show the ringing issue, and the Belle-Nuit chart showing the 4:4:4 failure--both as displayed on the TC-L32U3.