Would suggest to NOT get cheap or 'local brand'. From my experience, there's always something lacking. Whether it's awkward graphics (eventhough it has full HD) or annoying sound. Well, unless if you're doing some farming or leveling up, then it's ok.

LED TVs produce less heat and requires less power compared to traditional LCD.
42" LCD = 180W
42" LED = 100W

Plus, the graphics are alot better.

True. If you already have a PC with HDMI/DVI monitor and external speakers, you can get away with it. On PS3, you can have the graphics output to the HDMI port and the sound output to the RCA cables. All you need to do next is have an RCA-3.5mm convertor which cost less than RM5. Plus, you can also whack in a small portable headphone amp if you wanna use headphones.