So, knowing next to nothing about this, as I have not done any research yet, for something in the 30-40 inch range, is LED or plasma the better HDTV choice?
Do some homework.
They all have pros and cons. Plasmas suck more watts/inch, my 42" Hitachi 42HDS69 1080i plasma draws 300 watts, but they have exceptionally vivid colors, darker blacks, and the widest viewing angles in the industry. Much squawking was done about a supposedly short plasma life, but that was using plasmas made around plasma HDTV's infancy in 1999-2, when they could barely turn on let alone sustain an image. Manufacturers since 2005 now rate their plasmas to 60,000 hours until half-life, when half the useful brightness remains. That's 18 years for a homeowner who watches TV 3 hours a day. 60,000 hours is also the figure LCD manufacturers give, and that's compared to the 25,000 hour rating assigned to CRT televisions.
LCDs draw less current, about the same as the cathode ray tube televisions they replace. Figure around 130 watts for a 32" version and more for bigger models, up to 236 watts for a 42 inch Philips LCD. (It's not the liquid crystals, it's the CCFL backlights drawing the juice) If you don't spend the money for a quality LCD unit, you may also suffer from dead pixels, motion blur, and backlights that eventually die, and the cheaper versions also have viewing angle issues.
DLP HDTV uses the same backlight technology, but doesn't suffer from dead pixels.
Rear-projection LCD and/or DLP is the most energy-efficient, but you trade that off for the additional floor space required.
http://reviews.cnet.com/4520-6475_7-6400401-3.htmlThe wave of HDTV's future is OLED technology, just now leaving the laboratory.
Samsung is just now shipping an LCD HDTV with white LED backlights, which alleviates the dying CCFL backlight problem and higher power consumption. Prices are also higher for this variant, and it suffers from a tighter viewing angle than one backlit by the CCFL method.
For the budget-minded there are also several CRT HDTVs out there, and they have surprisingly good pictures, as well as power consumption rates as good as, if not better than, LCD HDTVs of similar size. Of course, you're not going to be hanging them on the wall, but with the money saved for the cheaper CRT television, you can buy a cheap TV stand and still pocket a goodly amount of cash.