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I'd spend less on the display, and more on the sound system.
A good sound system will last you for ages - some of my kit is 10 to 20 years old. Makes sense to buy something decent, rather than scrimping now, and upgrading in a year or two.
The way TV technology is changing, the display you buy now will be superceded in six months. The price will also have halved in a year. My Samsung has dropped by 25% since Christmas.
Audio equipment hasn't really changed in years, especially amps and speakers. Most "improvements" are just pointless bells & whistles. There have only been two real advances in 20 years - NICAM stereo/Prologic for broadcast TV, and digital/5.1 for CD/DVD.
With your total budget, I'd look at buying a mid-range TV, or last year's hi-end. For audio, get a 2 year-old AV amp and speakers, secondhand. You'll end up with a very good sound system, and a decent TV that'll do you until the "next big thing" comes along.
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Panasonic TH-46PZ81B, Arcam AVR350, Linn LK100, Naim NAP110, Quad L-ites, PS3, Samsung 850, Sky+, Humax 9200T, Panasonic E50, Harmony 885, Pixel Magic HD-MB200, M-Audio Flying Cow DAC, Pronto TSU9600, Mac Mini, iMac Aluminium
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