Okay, the old projector TV has finally bit the dust and it is time for a new TV. I have read all the lcd vs led websites but decided it is time to get answers from a pro. We have found two great options. One is an LG LED TV which is 120. 1080. The other is also 120 1080 but is a vizio lcd smart TV. Of course the smart TV is cheaper but I am looking for the best buy for my money. Help please :)

Why not combine the two? Get a LED Smart TV.

First; there's no advantage to buying a regular LCD over an LED LCD TV other than price difference.

Second; although marketed heavily, refresh rates play a small roll in image quality because anything above 60hz is undetectable to the human eye. Also, don't buy into marketing gimmicks like Sharp's Quattron (http://en.wikipedia.org/wiki/Quattron) or Samsung's Clear Motion Rate. Neither has any impact on image quality.

Here is why an LED TV is a good idea:

They're about an inch thick, so they are easier to move, and they look sleeker
LEDs consume less energy than regular lamps. So, it's a long-term cost saver
I can't officially confirm this, but from what I've seen, the image quality is noticeably better than regular LCD TVs

Here is why a smart TV is a good idea:

They have ethernet and wifi cards, so, you can stream content from one internet connected device to your TV. It's nice for showing pics and videos that you took on your phone.
If you have a smartphone, you can use it as a keyboard and a remote control for your TV
A Smart TV is a computer. The video and audio hardware are driven by firmware, which, is up-dateable. The benefit: you can slow down the TVs obselece by updating your firmware regularly. Regular LCD tvs have firmware on ROM, which isn't updateable. What you bought is what you get.
Smart TVs have app stores, so, you can watch Netflix movies through an app instead of through a Roku box or a PlayStation 3.