I'll try and give you a little input. The two TV's seem very similar, with the main difference being the lh55 is 240 hz. I doubt you will notice a difference with 120hz vs 240hz. I'm not a TV expert like some of the people on this board though.
I'm also looking at both of these TVs, except in the 42" models. I'm leaning more towards the LH40 since it's a lot cheaper and I doubt I will notice a difference at all. Well, it's not a huge price difference, around $180 for me, but I would rather go with the LH40 to save $180.
LG is known to have some audio lag and lip sync issues, and I believe a lot of people fixed their issue with higher quality HDMI cables. I'm not saying go buy the $50 cables at Best Buy, just make sure your's are pretty high quality and 1.3.
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