JLH - I work in the biz and the one spec that has no meaning at all is contrast ratio. There is no standard for measurement. Don't worry about this one, take a look at the picture and go from there.
I agree that the quality of the picture should be the deciding factor. It has been my experience that the higher the contrast ration the better the picture. That is for LCD that is for the full HD models. The higher contrast ratio TV cost about the same as those with a lower contrast. The main thing is to notice if there is much difference between Black and gray. Some feature black as gray or whites as gray not offering much contrast. I don't work in the business, but one of my best friends is geek and the owner of Progressive Tech here in Seattle, and he helps me with all my tech issues and choices.
Good luck in making a choice. Don't be in a rush to purchase. Have patience and do your home work. Here are a few links to check out.
http://www.hdtvoice.com/voice/forumdisplay.php?f=384http://www.pcworld.com/article/128570/all_about_hdtv_answers_to_your_questions.htmlhttp://www.consumerreports.org/cro/electronics-computers/tvs-services/tvs/index.htmhttp://www.sceptre.com/Products/LCD/definitions/definiton_lcd.htm#QAMhttp://www.consumersearch.com/lcd-tv?source=adwords&gclid=COzOoca_rY0CFQ6uYAodGn-3sQ