Has LED caught up to Plasma?


I know that the plasma tv's in the past were always considered to be better than the LED or LCD formats. I'm wondering if this is still the case. With improvements in technology, has the gap narrowed? I bought a 42" Panasonic Plasma over 8 years ago (and yes, it's still working...wished it would have died by now! lol) and am looking to upgrade to a new 55" tv. In all honestly, when I chose plasma back then, I thought the picture quality of both the plasmas and the LED/LCD models were both very good. Even though my plasmas has lasted all these past 8 years, my big concern is that they do heat up quite a bit....where LED's run much cooler. I'm thinking this might translate into a longer life with and LED tv instead of a plasma. What would you buy today if you were buying??? Plasma or LED?
calgarian5355
If I had only relied on the poorly set-up 60" Elite Pro at the Magnolia Best Buy I visited, I would have NEVER purchased the set. Nobody there had the faintest idea how to properly set up the set, let alone using the different viewing modes, which can VASTLY change the picture's appearance. To be fair, they are used to selling "hamburgers" and this TV is definitely a "steak".

Fortunately I had lots of other input both online and from others upon which to base my decision. Just watched a movie called "Stealth" last nite over cable with lots of high-speed action and the TV performed flawlessly. I was impressed but not surprised after all I have heard.
I have a 6 year old 50" Pioneer plasma and a 1 year old LG LED. Also a 2 year old Sharp LCD.

The LED and LCD are OK but I would not even attempt to make a comparison to the plasma, at least in terms of natural color saturation. The plasma is worlds ahead in that aspect. Otherwise, maybe or at least I would expect the differences to evaporate over time if not quite yet.
Fplanner, That's an amazing system! Not much wiggle room for improvement there. Enjoy.
Vicdamone - Thanks, I appreciate it. I've decided to pass on CES this year and just enjoy what I've got. I've been very fortunate to be able to piece together my system, such as it is, and now finally have the right video component, at least for me. Thanks again and Happy Holidays. :-)
Fplanner, If your like me, it sounds like you've reached that point were you're listening to the music and not the system anymore.

Forget my plasma biased pontificating of minute details, you have an outstanding display that YOU enjoy watching, period. Your LCD don't get hot, uses less juice and it's HUGE. Yeah buddy.

After years of trying to locate a non octal MFA Luminescence pre I was about to get a VAC pre when my Reflection Audio popped up on the Gon.

One question, did you upgrade from Velodyne DD to +? If so, I'd like to hear your comments.