*EDIT* I just realized this was an old thread brought back. I'd avoid Phillips for now. The panels I've seen from them lately have been pretty bad but they've also been cheap so I'm wondering if they have this really low end line they sell specifically to Walmart, and now FS and BB, but in either case they're not very good.
I wouldn't worry too much about 240Hz either. *Most* displays that use it don't process the motion of the image enough to really make it worthwhile and the ones that do (Sony XBR9's for instance) do it so well that it actually makes movies look worse. It's hard to describe really but when you add that much of a refresh rate and remove the blurring between frames so much you end up getting an image that looks like it was shot on a camcorder rather than a film camera (film vs movie).
I was in FS one time and I walked by a display with this and I thought it was a behind the scenes extra on a Bluray movie for the making of Pirates of the Caribbean but after 30 seconds or so I realized it was the actual movie. I messed with some of the setting to see what it took to make the movie looking like a movie again and the fix was to reduce the image processing on motion to the point where it looked like a 120Hz display. My father was with me at the time and he made the comment that "Well with some calibration you can get it looking right" but my argument was "Why spend $2000 on a display with these features when you end up toning them down and/or disabling them?".
As for my recommendations, Samsung is usually pretty safe and even if you don't get one it would make a good benchmark to compare others against. I think in the most recent flyers I saw a 42" LG that was LED backlit for $999 (I think?) so you might want to check that one out. It would be edge lit lighting instead of localized dimming, so you won't get the crazy contrast ratios that most LED displays can offer but it will be thinner and use less power.
As for dynamic contrast ratio I wouldn't worry about it. Some manufacturers (LG is one of them actually) will often use the numbers from that to cover the fact that their regular contrast ratio numbers aren't that great. Even the regular contrast ratios I would only take with a grain of salt so if the display looks contrasty enough for you I wouldn't worry.
A bigger concern of mine is how the panels image processors handle motion. I find this is where I notice most of the difference between something good and something dirt cheap. You really just have to see it in person to notice that though but watch for choppyness when the scene is moving quickly. I really dislike that personally.
Hope that helps.