Great TV with a few minor flaws
I picked this TV up when it was on sale for really cheap. I probably could have gone with a slightly smaller TV but I'm glad I got this. There are a couple things that bother me but none of them are major or deal breaking.

First off, the menu interface is clear and easy to use. There are a ton of settings, so if you like to play around with settings you're in for a treat. As you adjust the sliders for a setting the TV updates itself live so you can easily see the effect of the parameter you're adjusting.

I don't really care about power consumption much so I turned the OPC feature off. However, when I was first setting it up and OPC was still on, it seemed to dim and light up the screen as it detected the image was dark or bright. However, the LEDs do take a few seconds to ramp from low to high intensity so if you want the best image quality, I suggest turning it off.
The wattmeter I hooked up to the TV tells me that it draws 136W when the backlight is highest. When OPC is turned on, it ranges from that to about 60W when it's very dim.

The TV takes about 15 seconds to turn on, and then 5 more seconds for the LEDs to warm up (as mentioned above).

There are plenty of ports on the back; there's also a 3.5mm jack for audio from a computer if your video card doesn't interleave the audio onto the HDMI for you. There is also a cable jack for cable TV, S-Video, Composite, Component, VGA, and 4 HDMI ports so you'll be able to hook anything up to this TV.

The picture quality is amazing. The colors are bright and vibrant, and really makes watching stuff on it a joy. The image quality is as good as anything I've seen before. The contrast is equally impressive. When I turn off all the lights in the room and put up a black screen, even with the backlight turned all the way up, it is not immediately noticable the TV is still on. If you concentrate you can see a very faint dark blue glow - remember, this is in a completely pitch-black room.
Now, there are several AV modes, which can be changed by a button on the bottom portion of the remote (flip the cover up). These modes drastically change the way the TV works; i.e. they don't seem to be simple 'profiles' as I tried copying all the settings from one mode to another and they still looked different. There are 7 or so modes, but I only use 2 or 3. The picture definitly looks the best on the 'dynamic' mode, HOWEVER there is a noticable input lag. This lag is present in all of the other AV modes except for the gaming mode. I cannot perceive any input lag in the gaming mode at all. As a proficient Stepmania/DDR player, I used it to try to gauge the input lag. With the gaming mode, the TV probably has less of an input lag than the laptop's own screen I was using to run the game. With the other modes, I measured a lag of about 100-160ms.
Normally, this wouldn't be a problem, but the image quality of the gaming mode compared to the dynamic mode is pretty large. The image looks faded and dull - now, this is in comparison; the image still looks very good, but nowhere near as good as on dynamic mode. That being said, you'll still want to run your games in the gaming mode because of the delay, but it also comes in handy in other situations. For example, if you are watching a movie from a computer but are using headphones plugged directly into that computer, the lag between the audio and the video might be noticable.

The TV comes with a stand which is solid, but it can't swivel or tilt the TV, so if you need that you will need to buy a wall mount or something. Also, be aware the TV weights 44 pounds or something - it's probably a very good idea to have a friend help you set it up.

The only true con I can think of is that you'll probably throw your DVD collection away and start buying blu-rays since DVD quality movies will look so horrible when compared with full HD videos.

Sweet Deal
I purchased this TV from Dell for 1200 bucks on June 15. They had a one day sale and I couldn't be happier. I saw it and didn't even bother to think twice about my purchase. I have a 32 inch LG LCD, a 42 inch Phillips LCD, and now this Sharp LED LCD. The other two do not even compare with the sharp and the blacks are so dark that I have to actually turn on the brightness. The best 1200 bucks I've spent. For the picture quality and price, there is no comparison.

LED is the way to go
I previously had another 52" LCD TV. Then I got this one. There is no comparison. It is much brighter and lighter. Also, when I walk near the screen, I no longer feel the heat that the old LCD generated. The screen is very glossy and easy to clean.

I definitely recommend purchasing this TV.

WOW, what a picture!!!
The quality of the picture at 1080i is outstanding. Quality of the built in speakers needs improvement. I added an Onkyo HT-S3300 Home theater system and that solved that feature. Blu-Ray plays well on this baby. The one thing that takes some patience is that all the latest technologies causes the systems to have to think about what they are suppose to do with the video and sound. This shows up especially on Cable boardcastes. When you change channels, there is a moments pause to analyze the signal - Is it - digital, 480p, 720p, 1080i, 1080p, dolby, HD
Etc. So, if you are a channel hopper, you might be testing your patience,which might be a good thing.
I showed my satisfaction with this Sharp tv by replacing the bedroom unit with the 40 inch size of the same model.

Wonderful picture
Amazing LCD... Unlike older display technology, picture clear and bright from any viewing angle up, down, left, right... Looks great with Uverse HD service, Sharp Bluray player, and Sony HD handicam.
Built in speakers lack bass but work fine at normal volumes.
USB picture viewer a neat feature. They even threw in a 2GB USB drive.
Overall very pleased!