Anyhow I am looking into getting a HDTV for my PS3. I am looking into LCD Tvs to be more specific. Anyhow this is what I know stick with 1080p and that the lower the response time the better.
My question is how much would the hz effect the game play? I am guessing hz is the refresh rate. Comparing 60hz to 120hz would there be much difference?
Question 2 how important is it to get a higher contrast ratio? Comparing 1000:1 and 50000:1 would there be much difference in gaming?
Yes that's true, with LCD's you want to find one that has a very low response time.
Most people say they can't notice the difference between 60Hz and 120Hz refresh rate, but for me I greatly notice it. The picture just seems a lot smoother/clearer. But anything over that (240Hz) is overkill, I'd be hard-pressed if you could really tell the difference between 120 and 240 Hz.
Unfortunately advertisements don't explain to consumers what contrast ratio is.
In short, Contrast ratio is the ratio of the luminance of "pristine" white to "pure" black that the system is capable of producing. Basically the higher your contrast ratio, the better. For example, my plasma has a dynamic contrast ratio of 3,000,000:1 , so it is able to achieve amazing black levels and colours look vivid. So to answer your question, yes, try to find the highest contrast ratio you can. 50,000:1 for most LCD can still be good IMO, and definitely a lot better than 1000:1.