LED's will eventually replace LCD Tv's, but as of right now they are a lot more expensive. LED's have: Plasma-like blacks on top of most of LCD's advantages; high energy efficiency; ultraslim design.
LCD's have higher resolution than comparable-sized plasmas; no danger of burn-in; available in a wide range of sizes.
Hope this helps
Its very debatable, Xbox 360 I think has a better assortment of games, but PS3 looks a little cleaner and has blue-ray player......people who have Xbox360 will say that, people who have PS3 will pick theirs.....you really cant go wrong in my opinion.