Sharp/LG/Samsung all has better offering than sony in <RM2k range. However, if you can find the older generation of the 32s (model: KLV-32S400A), then go for that. I've seen it going as low as RM1399 and trust me, that old model PQ performs far more better than the new 32s550, and has much more features that sony left out in the new model.
there's only LED vs CCFL backlight LCD. Technically LED or not, they are still LCD.
The only advantage LED backlight can bring is local dimming (ie dim a part of screen when that part is displaying dark content to improve contrast ratio), and the so called "slim" LED TV is missing the local dimming ability and hence "slim" LED TV is technically the same as CCFL LCD TV.
new S550 or the old S400?
those who grabbed S400 during its end of life cycle promotion is really lucky as those remain as my favourite low end LCD till today.

Look closely and you'll find that the new 32" and 37" S550 has following issue when compared to old S400:
1) only 2x HDMI
2) missing S-video
3) poor viewing angle
4) poor video processing
5) missing ambient light sensor
6) missing swivel stand
7) much lighter than predecessor
8) missing 24p ability
9) missing theatre mode
10) missing S-Froce front surround sound processor/speaker
11) missing headphone out
12) missing bravia sync

the list goes on and on about what sony cut out of this new model. This new S550 is actually marketed as L series overseas as a really basic, cheap entry model (much like the T series here). Our V series here is S series overseas and so on. Welcome to Malaysia 
will check it out when i have chance