Pros: Best TV in it's price range, good feature set and great picture.
Cons: No 1080p? Ha didn't buy it for 1080p, bought it because it beat its competitors.
Have only had the TV for two weeks, but will update at later intervals (3 months, 6 months, etc).
Looked at a lot of TV's during my search. Magnavox, Sony, Samsung, Pioneer, anything I could find really. In the big debate of Plasma vs LCD, well the fiance said LCD so it was a short debate. The search came down to a Magnavox, Vizio(Walmart) and the Olevia(Target). Price was a factor, but picture quality was a bigger one. I'm a freelance videographer so some standards did apply. It came down to the Olevia having a better picture.
Words were easily read, colors were good and just saturated enough to please the eye. For gamers, no ghosting with a dozen or so hours of Call of Duty 4. The brightness of the TV wasn't the best, but it was far from the worst, and once it is in your living room you don't care. For an LCD the contrast/ratio was excellent for the price-point.
That is all stuff you can read on the specs though. I do have to mention; the TV will go into the backseat of an 04' Mitsubishi Galant, but won't come out of it.
Once home the TV hooked up as easily as a toaster. The menu's seemed little awkward at first but once you find your way around they're simple. The Picture-in-Picture works great and the TV switches over from inputs quickly and easily. (Like to watch TV during video game load screens). The speakers are great, can't say I've had the volume past 40% just because its loud enough at that point.
Any complaints I have on the TV...well none. I feel I got what I paid for (or could have paid for) and have no buyer's remorse.
P.S.-As far as research went, the 242t 2 series is the successor to the 542t 5 series. Some people seem to think the 5 series is magically better, all research seems to show the same exact TV with the 242t weighing less.
**Update** July 30, 2008
Let's see it's almost August of 2008 now. Been using the TV daily, playing Xbox360, watching TV. Hauled it for a 200 mile round trip for a convention. And to date haven't had a single problem. Everything works as the day when I bought it.
Any new complaints since I've had it a time? Nope, still happy with it and hope it will continue to be problem free for quite some time.