If I had either experience with 120hz or LED I wouldn't be so stuck but...
I'm currently stuck and somewhat leaning toward the LG
dynamic contrast ratios between the two are the same
The price range is already maxed out on 450 if you wanted to give me other suggestions.
I want to game on this tv using a ps3, 360, AND pc all in hdmi
Pro's for the LG - LED, 4 HDMI's, contrast ration, better brand name
Con's - more expensive, I read edge lit tv's aren't a ready science yet and that they soon fail and the middle goes dim
Don't ever think about going with Vizio. There have been many complaints that Vizio TVs are unrepairable once they break. The company itself admitted that their TVs cannot be fixed. Maybe that's why they only provides one-year warranty. I would recommend you LG. What I have is an LG LW9500, top of the line led tv. You should know the difference between LW and LV models. Both of LG TVs will be fine but if you are a serious gamer like I am, you will want to get one of LW models with passive 3D technology. LG is a bit more expensive than Vizio, but you will know it is worth every penny at the end of the day.
I have a 47" vizio, with 120hz on it and It is GREAT. The 120hz while gaming is fantastic it cuts a ton of blur. It has a lot of picture options and a nicely designed menu. just for the record it looks 100 times better than my girlfriends 42 inch LG which is sitting right next to it. What I suggest you do is go to a local store and watch the ones on display, note a couple you liked, then buy them online for discounted prices
Also, the picture options in the menu (sharpness, color, etc.) can make a HUGE difference to your picture quality. Make sure to check it out. good rule of thumb is keep sharpness about the same, up your color option by ~25% drop brightness down ~10%, and up your contrast by ~20%. your particular tv may not need much tweaking, but I have seen extraordinary quality changes with a few buttonclicks. Just some suggestions.