Pros: Bright crisp display, very good black levels and lighting, incredible value
Cons: Included remote isn't great.
My primary requirements were: (1) Bright screen to be usable in a room with windows. That means Plasma was out. (2) 50" display (3) At least 3 HDMI inputs (4) At least 120Hz refresh to reduce motion blur. (5) Great quality display with no significant faults.
In addition I wanted a company that had a good reputation, and a model that was getting good reviews. This TV stood out easily from the pack. Only the Samsung models looked a little better in the sub-$1200 price range, but they still cost $200-300 more to get a TV with matching features.
(It certainly helped that the Amazon price on the LG was just $750 at the time. I was surprised to check back on it today and see that it's up to $850!)
My primary concern with LCD TVs in general was poor black levels and weird lighting effects. I'm no videophile but I can only say that I haven't had any cause for complaint. The blacks look really deep and dark to me and the lighting appears very good. Colors look great too. The other reviews I've read confirm this TV really excels in this area, especially at this price point.
Setup was easy and the TV has an interactive wizard for calibrating the display.
I'm having trouble coming up with cons, to be honest. I don't like the remote very much. It has a directional pad which isn't very well designed. There is a better remote which LG sells separately. However, I mostly use the remote for on/off, volume, and input switching, so it doesn't matter much to me.
One thing I can't comment on is the smart TV stuff. I have a Roku 3 so I've been using that for everything. The TV actually has many of the same abilities as the Roku provides, but I haven't tried it out yet.
(UPDATE: This TV has wifi! For some reason I thought it did not. If I try out the network and smart features I will update my review.)