I own quite a few LCD's at home and the office and two Plasma's (40" and 55")
-low power consumption
-all over the map on quality of display (viewing angles, color richness, black point/contrast, ghosting, mhz, etc.)
-far more expensive for quality units than plasma
-big power consumption
-lots of heat
-Panasonic has amazing Plasma displays at 40+ inches for incredible prices. Only my way-over-priced Sony LED LCD comes close in picture quality. Plasma's simply have a color richness and contrast that few LED's have yet to reach, unless you go expensive.
LCD's make a lot of sense on paper because of power consumption and heat, but they start to make a lot less sense once you see a decent plasma in comparison at half the price.