The problem with super-inexpensive sets like this usually isn't initial picture quality--they can look pretty darn good if your only frame of reference is an old and tired rptv.
The problem is what happens a year and a half or so down the road when they are much more likely than the major brands to start malfunctionning and you find there are no replacement parts available, so unless you're a pretty talented diy guy you've got a $699 doorstop. Even this isn't a problem if you have the disposable income to go out and buy another Hi Sense, Polaroid, Pro Scan, Olevia, Shakibutsu or whatever off-brand bargain set is available.
If, on the other hand, you work hard for a living and scrimp and save to buy a new tv, you probably don't have the money to replace it when it craps out prematurely--so that name brand entry level 50" plasma or 46" lcd is, in fact, the better investment for a main tv.
This isn't brand snobbery, it's common sense.
I actually wish you guys luck with your new sets, after all if nobody ever took a chance on a cheap lesser known brand we wouldn't have Toyotas or Hondas.