Has LED caught up to Plasma?

Chadnliz, that one article did seem to contradict most of your assertions with the very same criterion you used to support your assertions.
Lloydc, the one area where the Sharp Elite fell behind all the other competitors was in color rendition. Plasmas as a group did better than LCD/LED's in color rendition.
IMHO, the answer to the OP question is; Yes, LED has caught up to Plasma (at least to plasmas generally still currently available)....but, there are still some differences. Plasma is a better value. Plasma offers better viewing from wider viewing angles. LED is more energy efficient. LED's work better in brighter rooms. LED's come in thinner packages.
For me the value of plasma coupled with the typically more durable screens (Sony gorilla glass LCD's excepted) would be preferable. Other's circumstances might differ, and the alternate choices might be preferable for them.

Unsound, overall, I agree with you. My fondness for LED is based on my Sony Qualia 005. I haven't yet seen anything better. The Elite KURO Signature Series PRO monitors may be the industry reference now, and they may exceed the Qualia in some ways.

"best" and "value" are largely unrelated concepts. Fortunately, for video monitors, the two are not as far apart as they are in audiophile gear. I don't even know anyone who would consider a $250,000 speaker; a $7000 video monitor may be a conceivable purchase.

The Sony Qualia front projector was the first video source that gave me an idea of what video was capable of, but that was SXRD. Though not 3D, it provided a sense of depth that I had never seen before. There are ultra projectors that cost nearly as much as ultra speakers. I suppose one could argue that one could justify the cost of those projectors easier than those speakers?

http://reviews.cnet.com/flat-panel-tvs/sharp-elite-pro-60x5fd/4505-6482_7-35004013.html?autoplay=true&tag=cnetRiver

I would say yes - LCD has caught up, and reference my new PRO ELITE 70" (Unsound is referring to the 60" version). Beats any plasma I have ever seen in most of the discussion points above, including black level. Its the product of a 2.5 year joint venture between Pioneer engineers and Sharp engineers with no preconceived price tag. Its the first and only TV that comes close to providing a real movie theater experience. The display and features are incredible, IMHO.
FWIW - you can also make the picture look like a plasma set, if you wish. I don't, but others might.. :-)