Anyone interested in the tv should make sure to verify with reviews for that model. I have the 47" Philips 7403 (last 4 numbers) got it a year and a half ago for 1200 and think its great. I bought it mostly for games though. I'm not sure about the differences, if any, between models so I can't help there. The box it comes in also has a sweet locking mechanism. (I know, sounds stupid but I saved the box despite hearing flac from my fiancee but it was blessing when we moved and had to move the tv safely)
As far as cons go, if you have a philips divx player (I do) there can be a delay when using the divx controller, for instance having to hold down the play button for a sec instead of pressing it, must be some sort of confusion between tv and divx (never existed with other tvs). If not using a stereo system, audio settings may require tweaking for some movies. I would also recommend immediately visiting Philips web site and getting the latest firmware for the tv and installing it via usb. For my particular model, I did not experience the horror stories I read online but I also upgraded firmware the day I got it.