I made a little mistake in the model no of my TV which is actually KLV-37S400. The "S" series is below the "W" series and almost the same as the "V" series except for one media port. In 37" however only the S series is available.
Let me stress again that I am no AV expert. What I wrote above is based on what I have experienced on my own.
Certainly there are many more adjustments possible on my TV than mentioned by plasmoid above. In brief, they are:
PICTURE SETTINGS MENU
Picture Mode: Vivid, standard, cinema etc
Colour Temperature: Cool, neutral, warm1, warm2
Noise reduction: High, med, low, off
Mpeg noise reduction: High, med, low, off
Advanced setting: adv contrast enhancer, live colour
There are obviously other menus for sound etc.
Adjusting the above I have been able to get very good pictures, definitely devoid of any pinkish tint. BTW, all the above settings are adjustable, with the exception of "Hue".
About the screen clouding, I would really like to know which model (and which year) had the problem mentioned in the youtube. In the Internet, all kinds of stuff are available, there are horrible stories easily available about all brands. Unless this is backed up by repeated occurances and well documented, I do not think there is any concern for worry. We did an extensive search on the current models of Sony and Pana and there were only good things written about them.
The response time of 8ms is theoretically a matter of concern. We worried about it, especially because we watch a lot of sports at home, all kinds from F1 racing to cricket. We did a lot of side-by side comparison for a number of days, really did not find it a serious thing for concern.
BTW, it is not true that all other models do now have a response time 4ms or so. Please check the Pana models sold in India, they do also have a response time of 8ms or so (LX80, LX800 etc both in 32" and 37"), as far as I can remember. Please correct me if I am wrong.
We have not so far seen any problem due 8ms response time. I think the less it is the better, but I have a feeling that just these numbers are not the end of the story. If they were, then why would one buy a Sony or a Pana or a Hitachi at 10,000:1 or at best 15,000:1 dynamic contrast ratio when Samsung and LG are offering LCD TVs at 30,000:1 or 50,000:1 dynamic contrast ratios. If anything we found the pictures marginally better than the Samsung 500 series and a lot better than the Samsung 400 series. But again these are my and my family's subjective views. Nobody needs to take these findings seriously.
My findings may be absolutely wrong because as confessed at the outset, I am not much more than a novice in this AV business.
All I can say is that it is very much possible that we have made a very wrong decision by buying this TV, but in reality we think the picture quality at the moment in our Sony LCD TV coming from standard definition sources (Big TV STB and a few DVDs we have) is simply superb and we have not seen such quality in the TV pictures we usually see in our friends' and relatives' places.
I guess the moral of the story is to keep one's eyes and ears open, take in as much information as possible, then make one's decision and live with it.
It is an understatement to say that so far we are happy with our TV. We are actually very happy.
Srenjith, please check the Philips models mentioned by moserw and also recommended by plasmoid. You may end up making a different decision than we did.
Note added later: We have nothing against Samsung, BTW. We do have two more TVs (CRT) at home, both are Samsung flat TVs called Plano. We also have a Samsung microwave oven at home. All these have been great products, have given us service for a number of years without or with minimal service and great value for money.