I had a Mitsubishi HD RPTV that was 12 years old and I decided to finally upgrade to a 50" VT20 last week. Since there seems to be very few VT20/VT25 owners out there willing to share their experience, I thought I could add my $.02.
My impressions are very similar to those of happy nightmares. I love this TV. Under normal lighting conditions HDTV content looks amazing. THX mode works really well out of the box. I'm mostly concerned about its gaming performance and how it works with my PS3 and XBOX 360. I don't watch movies in the dark so I don't really care whether this TV achieves Kuro black levels. Under normal lighting conditions, the black levels look inky enough to me and better than any flat panel TV I've ever seen. For what its worth, I've never seen a Kuro in person and I'm not really interested in professional calibration at the moment given that I mostly will use this TV for gaming.
On the issue of flickering, I have only watched one blu-ray movie and I have not noticed any flickering (TV was set at 96hz output). Once I watch a few more I can report further on that issue.
The gamers on this board will be most interested in the input lag test
that I conducted with this plasma. I tried to establish a baseline by conducting a lag test with a laptop and external BenQ LCD computer monitor. I've attached a JPEG with that result. As you can see, I could not detect any lag with the external monitor.
I then did a input lag test with the VT20 set to "Game Mode" and all signal processing turned off.
You can see a video of the test on vimeo here:vimeo.com/10224970
(Sorry its not a link. Forum won't let me post links yet)
Play and pause the video periodically to see the lag. The result of that test was an average input delay of 30-32 milliseconds. My understanding is that this is very good and is comparable to the G10/V10 series.
I also did a real world input test by playing the song MonkeyWrench on Guitar Hero II with no game lag adjustments on medium difficulty. I was able to achieve 95%+ notes hit pretty easily. Apart from Guitar Hero, I've played quite a few games on the TV including the Just Cause 2 demo, Bad Company 2, the Blur beta, Forza 3 and they all look great.
Lastly, for those concerned about the bezel, I can say that it is an attractive gun metal grey. It is in no way "fugly" as someone in another thread has suggested. Would it look better in black? Maybe. But start watching a high def source and you'll forget the bezel color in no time. I have Verizon Fios cable service and the HD channels look stunning.
Feel free to ask questions or request pictures.