I have had an insignia in my bedroom for around ten years now. Sure, it's 720p and needs a bit of tuning to keep the blacks from being grey and the colors from being a bit bland, but it outlasted a top of the line sony that I bought a few weeks after it at magnolia (before best buy sorta ruined the store). Haven't had to do a thing to it since the day I bought it except calibrate it a few times.
And anyway, all of the panels on flat screens are made by a few manufacturers. You do get what you pay for to a certain extent, but there are always deals to be had if you can be patient.
I don't know if you are interested, but I'm selling my Mitsubishi diamond 52" LCD (because I don't have room for it at my new place). If you are looking for something with great color that can display 120hz natively, it's right up your alley. Of course, like a couple other folks here said, you can't stroll in to a brick and mortar store if you buy used, but these sorts of electronics generally work, or are doa (or dead within a week or two), and only need a new lamp every... Well... Going on 7 years in my mitsubishis case.
The only thing I'd suggest is do a bit of research on the actual LEDs, and electronics in the actual tv you are going to buy. You will find that even the most generic of brands share components with their more prestigious competitors... And then there's the processing capability and quirks...errrr... "Perks" in the form of apps that no one uses.