For >40", I think plasma is the only choice. For smaller ones, LCD is better, but the lower cost ones tend to "smear" rapidly moving objects. The refresh time should be less than 10 ms. Check in the shop for dead pixels before taking delivery. These could be either dots that remain black (easily seen on an even light grey background) or, much worse, dots that remain lit (seen as coloured dots on a black background). You may find that the manufacturer will accept a maximum number of dead pixels (often 5) before you can claim under guarantee, so check before buying and make sure you receive the same TV as you checked (if delivered, note the serial no. in the shop).
There is a third choice: a ceiling-mounted projector TV. Modern ones are small and very good and do not take up floor space for a stand.
One item of advice: although CyBC/PIK/other broadcasters have no plans that I know of to broadcast HDTV (high definition), it may start within a year or two. It'll take only one to start and the others will have to follow. Make sure that whichever TV you choose has the "HD Ready" label. In the USA, it is even illegal to sell TVs that cannot receive HDTV. In Europe, it is legal, but most modern sets in the shops are HD ready, although cheaper ones aren't. In Cyprus, they are probably in a minority, as we always seem to be 1-2 years behind mainland Europe.