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I find the cheaper LCD's have crappy black levels. They tend to look more like dark grays. I have a Philips 32 inch LCD and the black levels are horrible. I also have a 26 inch Samsung that I purchased before the Philips, and it looks a lot better. I just bought the Philips because it was cheap at the time and I needed another set.
LCD definitely doesn't compare picture-wise to my DLP set, but I can't hang DLPs on my bedroom walls, so that is the trade-off.
I also calibrate my TV's using Video Essentials DVD, so I know I am trying to compare apples to apples.
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