The new LED TV's are amazing. I love my 47" (it is not a LED though) and when it goes, the LED will be what I buy (their prices will have dropped by then).
The TV you listed looks to be a VERY NICE unit and the price is good.
I've got a non 120/240hz and I don't have any issues with HDTV motor sports or movies. The 120/240 are said to be clearer.
I recently bought a 52in Sharp Aquos.....VERY nice TV. They are pricy but the picture is well worth it. I have a Aquos 72in the the living room and the 52 in the bedroom and Love them both.
Bestbuy has an Insignia 46" 1080P/120mhz unit on sale for $799. Not as high end as the Toshiba, but it's $200 cheaper and you get to satisfy your itch without waiting for the UPS man. Food for thought.