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The chief drawback to LCD TVs is their ability to render blacks. While LCD makers have made great strides in this area, those who can't live without the perfect picture (or who just watch a lot of noir movies) may still prefer plasma.
Another area in which earlier LCD TVs were lacking was in motion tracking. Because of the way LCD images are formed, images of movement were sometimes blurry. Most TV makers have taken steps to prevent or at least cut down on this problem.
Both of these issues are dealt with in LCD TV reviews, but reading these is not the same thing as experiencing the picture for yourself. What looks good to one reviewer may not look good to your eye. Look before you buy.