Well I just couldn't deal with some of the weird image issues I was experiencing with the Vizio TV. It's not a terrible set, but overall I'm disappointed with the picture quality. Once I noticed the "blue halo" effect I couldn't STOP noticing it and no matter what I did I couldn't get rid of it. Also the off axis view is REALLY bad on this set, and the reflective nature of the glossy screen doesn't help. I love Vizio - my other two Vizio sets are terrific - but I think Vizio dropped the ball on this one. I just can't help but feel unsatisfied with it overall.
So I went back to Costco to see what else they have. I found that they currently have the 47" LG 47LW5700 for $300 off the normal price, for a total price of $850 - the same as the Vizio M3D460SR set. It has passive 3D, internet apps, etc. Almost a perfect match to the Vizio set on the spec sheet. Several things where immediately noticeable though. 1) It's a matte screen instead of glossy, 2) it's an IPS screen and the off angle viewing is MUCH better.
So I bought the LG, since I was there. (I'll take back the Vizio soon.) Even in the initial setup, I noticed a better attention to detail compared to the Vizio set. It offers more inputs, didn't have ANY whining from it, and as soon as it connected to the internet it downloaded an update for it's firmware!
The difference in picture quality is like night and day. The LG is head and shoulders above the Vizio model in every way. The picture is better, it includes a built in calibration wizard which is actually quite good, and there are more settings for the picture than I know what to do with! The firmware on the LG is MUCH more powerful and offers both more features and more settings for control of the TV (DLNA and 2D to 3D conversion for example). Since it's a matte screen there aren't any issues with reflection which is a nice plus. I even like the remote better. It's not Bluetooth (the one thing this TV seems to lack, compared to the Vizio), but it's much more comfortable, and I don't miss the QWERTY slide out keyboard because that's so rarely used anyway. The LG does WiFi differently too, Instead of including it built in, it comes with a USB key adapter instead. I actually like this, since if you don't need WiFi you don't have to use it, and I think you could use it successfully on a PC if you wanted to (assuming you could find drivers for it). The 3D glasses that come with it are cheap and ugly however - but that's my biggest complaint so far.
Overall, I just can't recommend the Vizio set when the LG is available for the same price. It's just a much better set overall.