I bought a 61" RCA Scenium DLP tv and I love it. When I went shopping for TV's I wanted something comparable to a CRT tv quality but bigger.
Plasma's look GREAT......but they do have a higher chance of burn in AND the plasma cells will burn out themselves because plasma only lasts for so long. Not to mention you can see all of the plasma cells if you look close enough.
LCD looked allrigtht, as long as you were pretty far away from it. If you get close you can see all the lines and pixels in the TV, and that was something I was trying to stay clear of.
Since LCD, and Plasma were the only one's that could hang on the wall, I was out of luck on that. But the DLP was my best solution for a TV that had a picture comparable to a CRT, yet bigger. The DLP is rear projection, so there are no lines, or pixels to see, no matter how close you get to the TV. The picture looked great on it still, and the black actually looked black, and not the greyish color you can see on LCD's. The light bulbs do burn out, but I've had mine for 3 years now and I'm still on my original bulb, and my TV is on ALOT. Even if it did burn out tomorrow, the bulb's for my model are only 75 bucks, and it's easy to access to change it. 75 bucks every 3 years isn't that bad in my opinion. The rainbow effect you mentioned only appears to a small percentage of people.
All in all, you get what you pay for. If your looking for a cheap tv, don't expect the best quality. My DLP was 2,800 at ABC Warehouse, I saw them listed as high as 3,800 at other places. I love my DLP TV, and I'm still glad I bought it to this day.