And now, the trend is…
5 years ago, the default TV scenario was like, owning a 21 inch near-flat TV in common households. Then came the korean revolution. Akai and TCL turned the whole market upside down with their low cost offerings. Soon LG and Samsung followed the low cost bandwagon.. crashing market hold of BPL, Thomson and few others. Only a few brands like Onida, Videocon were able to survive the low cost wave then.
Soon the market was flooded with affordable 21 inch real flat TVs, offering a chance for middle class people to buy them. Quickly the 21 inch real flat became the de-facto entry standard, and the 29 inch TVs started moving in, with lower price tags. Two years ago, LG and Samsung started promoting 29inch TV with Rs.20K price tags. And guess what ? most of the TV show rooms are now selling good number of 29s. With flexible finance options and 0% interest schemes, people are no more restrained from buying 29 inch TVs. Coupled with the Rs.5K DVD players you can install a basic home theatre now. And for another 7K, you can buy a 5.1 amplified speakers and complete your home theater. Yes, Home theaters which was once rich people’s symbol, is now available for everyone.
So if 29s move down to common man’s segment, what is entering into the rich segment? Yes, your guess is right, the Plasma’s and LCDs. 
Now, all consumer brands have a good portfolio of Plasma’s and LCD tvs.
Plasmas and LCDs are identical to each other. They occupy less space, more display area, rich colors, sophisticated features and a rich experience. Except for the underlying technology (plasma vs LCD ) both are identical. LCDs have one advantage that they are available in varous screen sizes. Starting from 15″ and 17″ which is used for computers and ranges through 19, 24, 32, 42 and so on. Somewhere I read Hitachi has a 100″ prototype for LCD TV. I am not sure anyway. 
Plasma TVs, for some technical reasons are available only in larger screen sizes (42, 52, 64 etc).
Today the LCD TV is the preferred choice for home theater enthusiasts. With the advent of HD-TV technology, Entertainment on-Demand services, digital home satellite connections, and HD-DVD / Blu-Ray discs, the home entertainment is entering into the next step.
LCD TVs are little cheaper now, a 26″ LCD TV costs around Rs.70K, and the standard 32″ LCD TV costs around Rs.98K. Earlier they were around some Rs.90K and Rs.1.2L appx. Check the LCD TVs we have in our office’s conference rooms. One in the first floor, and other in the ‘B’ block. It is unfortunate that you cannot watch any TV programmes in these TVs. But the computer display experience should tell you how rich it will be, if you watch digital tv in LCD.
Between these CRT TVs and flat panel LCD TVs, there is a niche segment called “Projection TVs”. They are sort of compromised options. Technically, they look like a large 100″ LCD TV, but they use a projector which is installed behind the screen. Using optical technology, the projection from the undrelying projector is deviated and magnified to fit the 100″ screen. But projection TVs are not successful, as the display is not consistent from edge to edge.
So what’s next? expect some low price seasonal offers in LCD TVs and Plasma TVs for this Diwali. But, do not buy the LCD/Plasma TVs now. Wait until, the HD-DVD and Blu-Ray format wars settles down. HD-DVD and Blu-Ray uses a content protected video stream which needs compatible HDMI decoder/adaptors in TVs. The current assortment of LCD TVs and Plasma TVs are not fully compatible with the standards. So wait till the standards come into force.
Till then, check the market periodically and keep saving the bucks. 
- Dharma