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LED will give off a brighter and more colourful looking display, whilst more Hertz will probably reduce motion blur in your picture. Size is your personal preference, of course.
Another essential thing to look for is delay time. The less ms of delay in a TV, the lesser the lag you will notice. Kind of like how old CRTs with retro consoles like the NES would react instantly to a button press, while something like Halo will have a very slight lag (depending on the TV). They're different technologies altogether, but it's something to look for.
OLED is recent and pretty crazy. Look into it and buy a true LED TV if you're going to spend THAT much money on it. :3
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