The TV has essentially the same picture as the E550 but without the 3D or smart TV features. Also only has 2 HDMI inputs.
Picture tweaking options are plentiful and black levels are deep. Compared to the Panasonic ST50, however, they are not quiet as inky. Color is rich and realistic and very adjustable. The panel is fairly reflective, definitely more reflective than the Panasonic ST50. The sharpness setting (edge enhancement) is set too high at default but can easily be reduced to provide a more natural picture. No blurring with action sequences when watching football, but I don't have it connected to a 1080p/24 source to test ability to properly handle film based material. According to CNET, the 550 model handles 24p well (has a 96 Hz refresh rate), but they did not evaluate the 533.
At this price, the set is really geared toward those who want a basic large HDTV with the advantages of plasma - perfect uniformity and deep blacks. It's a great TV for a man cave or a family room. It's not as nice as my Kuro from 2007, but it beats the Panasonic G10 I bought in 2009 hands down. For the price, it's a steal.
Hope that helps.
Edit 12/18/2012 - I see now that the stand is a swivel stand.