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TV for a small bedroom (newbie questions)

Hi there, longtime vinylphile, video newbie here. I am looking for a TV to replace my old CRT in my bedroom. It is a dark bedroom and we will be watching about 7' away. My budget is $500.00 (plus extras). I will be watching digital broadcast TV, DVDs (on an Oppo upsampling player), streaming HD videos from Netflix, etc., and probably a Blu-Ray down the line. No gaming. I have a midfi 5.1 sound system to go with it. I want to make sure I have a 1080 format. I am looking for a new TV with a full warranty.
So here are my questions:
1. Is 40" large enough? It looks like more than 43" would be above my budget and dominate the room too much.
2. Does having an IPS screen (like the LGs) have any advantage if I'm going to be watching from straight on? I love my IPS computer monitor.
3. Does the difference between 60hz and 12ohz matter? Is it worth it for films, concert videos, etc,?
I can't find a plasma TV that would fit my needs. The Samsung 42" plasma model is 720p and it looks grainy to me. I might have have been interested in a 1080 plasma but it doesn't look like it's in the cards. So it's down to LEDs. So right now here are my top 2:
- Samsung UN40EH5300 (or its "dumb" sister, UN40EH500). Advantage: I like the picture quality on the movie setting. Disadvantage: 60hz?
- LG 42LN5400: Advantages: 120hz, a bit bigger than the Samsung, IPS? Disadvantage: It doesn't seem to be getting quite the respect for the picture that the Samsung gets in reviews. I haven't fiddled around with the settings on the demos yet. The Vizio E models looked interesting but I have been reading horror stories about reliability.
Any other suggestions would be welcome. Thanks!


Edits: 07/13/14 07/13/14
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Topic - TV for a small bedroom (newbie questions) - NB 11:14:39 07/13/14 (9)
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