Since this is the only thread on AVS forum I figured I'd chime on on this JVC TV here.
I just picked this set up for my parents for christmas. For the price paid ($450) this set is fantastic. It isn't perfect by any means, but it is a decent TV for a great price. As the person above mentioned the settings out of the box are pretty good. It's plain old LCD (not LED) and it doesn't have any fancy features, but its solid. Decent picture, above average sound and $450 for a 47inch TV is fantastic. The only real flaw I can find is that the backlighting isn't even. The lower right corner is brighter. This is only noticeable on very dark scenes. I doubt my parents will ever notice it so I'm not going to point it out to them.
Overall I'm very satisfied with this TV. It isn't for serious videophiles by any means, but if it is for a secondary system or as someones first HDTV it's hard to beat.