I bought a 56" Mitsubishi DLP in '05. You'd better have a lot of room for it though, it's almost the size of the pre-HDTV projection sets. Very light, I could easily move it myself if it wasn't so bulky to get ahold of.
Overall, I like it. It needs a dark room, light on the screen will wash it out. If I had decent curtains in my living room instead of just cheap blinds it would be better. Viewing angles are very good. Absolutely no streaking during fast action like LCDs used to do.
The other selling point to my set is that the wear items are user-replaceable. Namely, the projector bulb and the "light engine" thingy which is something like 1.5 million tiny mirrors that direct the picture from the bulb to the screen. Anything goes wrong with a Plasma or an LCD and you're looking at shop time, which is never fast.
I had to replace my bulb once in the last 4 years. It cost $360, but I did it right at home without taking my set to some shop. Also, LEDs can get dead pixels (many laptop screens used to be LED and examining the screen of a brand new laptop for dead pixels was almost a rite of passage). Once they're dead, you'll always have that black spot on your screen. There's no pixels to die with DLP.
*edit* my set is a 52", not a 56".
Another thing in favor of LG sets is the new "Net Cast" if you have a Netflix subscription.
The biggest drawback (and it is a big one) to DLP is the space it needs.