Well, I went for it and picked one of these up today from Costco. It's actually an early Christmas gift for my parents and I set it up for them today, but I'll be keeping close watch on how it's working. This is upgrading them from a Sony projection TV from 2002, so it's a big upgrade for them. So far it looks great... I had no problems setting it up and got connected to Netflix fast via wifi. I was happy to see optical out does indeed send 5.1 when watching Netflix as confirmed by berger6696. I copied the first calibration settings I came across and the picture looks really good on HD Sat and HD Netflix. Now anxious to check out a blu ray. I feel like the menu system is nice along with the apps integration. This is actually my first experience with a "smart" tv and it seems well done so far.
Flash lighting was a concern. I have dealt with flash lighting before with a LG LCD last year. On this TV there are some clouds I guess you could say when there is no video source, but I haven't seen any flash lighting when actually watching a video source. So I don't see any issue there at all. I'm thinking the clouds are just some light showing through because the screen isn't displaying anything, if that makes sense.
I have not yet noticed any lip sync issue but will be watching for it. It has a Dish Network box and audio is set to Dolby/PCM. It's other option is PCM.
This may interest some, I know I couldn't seem to find the answer before hand, but the TV itself says made in Mexico and the box says assembled in Mexico. So that only leaves the question where did the parts come from... Personally I was happier to see assembled in Mexico vs being assembled in China... Does it actually mean anything in the long run? I don't know. I just don't have much confidence in China made products and like to avoid them whenever possible. I was unsure about buying a Vizio, but it seems if you research enough you can talk yourself out buying any brand. It's hard to over look the bang for the buck with this 60 inch Vizio.