Which TV should I buy (Need help from the experts)

I must admit, I am a complete rookie when it comes to buying TVs - I don't know whether I need 120Hz, or if I'll be fine with 60Hz. I don't know if LED is really worth the extra money, or if I'll be happy with an LCD. So I have to come to you experts, hoping you can help me figure this out.

I am moving into a new apartment and have decided it is time to upgrade from the embarrassingly old and small rear-projection TV I have been using since college. All I know is that I am looking for a decent flat-panel TV, at least 40" in screen size, and am working with a budge of about $700 at most. For the most part, I will be watching HDTV with a good mix of sports and regular programming in addition to occasion gaming with an XBOX 360. I will not have a blu-ray player, but will be watching DVDs through the XBOX at times.

I have been trying to do some research and recently went into a local Best Buy to try and see the different sets they offer. Here are some of the options that I thought stood out:
Sharp LC-46SV50U (46" LCD 1080p 60Hz) ~$629.99
Samsung LN40E550 (40" LCD 1080p 60Hz) ~ $499.99
Samsung LN40D630 (40" LCD 1080p 120Hz) ~ $679.99
LG 42CS570 (42" LCD 1080p 120Hz) ~ $599.99
Toshiba 40L5200U (40" LED 1080p 120Hz) ~ $599.99

Are any of these sets decent options and if so, which would you recommend?
Are there better options for my price point?
For my needs, will I be alright with 60Hz or should I still be looking for 120Hz?
What about other cheaper brands like RCA or Westinghouse? Are they sets to stay away from?
Which TV should I buy (Need help from the experts)

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