I understand that this model uses its own LG Panel. Some low end or cheaper models uses Sharp panels which are not very good.
I am pretty lazy and just use its intelligent sensor mode for normal viewing. The other modes (e.g. sports and vivid mode) are too bright for me. The picture quality can be further enhanced if you change the original power cord with Furutech 314 AG II (about HK$80 per foot). If you change the power cord, you might switch to the user mode instead to lower the constrast a bit.
The minor complaints are:-
1. The volume of the TV set is not that high. I have to turn to 30-40% level for normal listening.
2. The "black area" of the TV is not as solid as Sony and Samsung.
My view is that a 47" TV at this price level is really unbeatable. If you want to have even better quality, I suggest you should go for Samsung or Sony but the price will be at least 25% more.