My LG Dryer Model #DLE2050W quit working. I bought it in June of 2010. The technician says it is the control panel. Is it worth investing another $300 in it and it could fail again?

You need to take a meter and trace where you have an open safety or switch. If it is stopped up with lint it will open the fuse near the elements. Look at this: http://www.electrical-forensics.com/Dryer/ElectricClothesDryers.html
http://fixitnow.com/wp/2010/10/09/whirlpool-dryer-model-le5800xsw3-wiring-diagram/
Heavy use is enough to cause it to fail from dirt. You will have to take it apart and test the thermal fuse near the heating element and the heating element. You will be able to see the heating element and you can see if it's burned in two. There are also fuses at the ends of the element that will need testing, too. You will have to clean the drier out thoroughly or it is all for nothing. Every air duct will have to be removed and scraped and washed out to remove baked on lint deposits which is like a concrete lining. This will burn so the manufacturer has installed the safeties to keep from having a house fire. Driers were the number one cause of fires at one time. Look at: http://www.youtube.com/watch?v=MMP7BW1lLs4 to see how. Also: http://www.youtube.com/watch?v=iBiRw-KElC4 ; http://www.youtube.com/watch?v=yFTZGgVisCI
When you finish cleaning the drier and install a new safety or element it is best to also replace the belt, too, because you do not want to have to disassemble it again and if the belt is over two years old you should replace it. The safeties are oval-shaped with a round center part containing the safety with two plug-on terminals for the wires.
Using an ohm meter you put a lead on each terminal of the safety with wires unplugged and if it's good you will have a reading of about zero; if it's bad it will read infinity.
Note that on most of the videos it does not show them washing out the parts, but this is important because it's the only way to really get the parts clean, just don't get motor wet or the capacitor if it has one. Vacuum out the motor. I would move the drier out to your garage to have plenty of space to work. You also want to check your vent and clean it, also. The job is really easier than it sounds. There is no shortcut that will work; it has to be cleaned well. Before you re-assemble it make sure to use white lithium grease (high-temp grease) and grease all bearings. Just vacuuming out the dryer a little does little good. DrTom4444

Thank you so much drtom4444. I did the things you mentioned with help. It still didn't work. I called a technician for LG. He did some, most of the things you suggested. The ultimate problem was the Control Panel which was blown. This is the most expensive part that could have failed. It will cost over $350 plus the service call to repair it. I paid $780 just last June based on the high recommendation of Consumer
Reports.

I was advised to get another machine. Consumer Reports no longer recommends LG electric dryers at all!

Rather than put all the money into a machine that is less than 2 years I have decided to get a different machine based on its repair record.

Do you have any recommendations? I was told with all the electronic parts made in so many different countries machines will no longer last 20 years. The maximum is 4 to 5. That is sad

Thank you for your guidance. Now I know I have done everything I could to fix the machine. Next is the tougher decision of what to do next. I did file a complaint with LG but I don't expect much.