TV Snob.com pointed out a great article over at Sound and Vision mag, for understanding the difference of DLP vs. LCD in rear projection HDTV sets.
Check the scorecard for easy understanding of a couple differences:

Most DLP (Digital Light Processing) sets have a single chip and a rotating filter that chops white light from a lamp into a sequence of red, green, and blue beams. The beams are reflected from the chip, which contains hundreds of thousands of tiny mirrors. These mirrors pivot thousands of times a second to control the brightness of the pixels and are synchronized to display a red, green, or blue projection that the eye blends into a full-color image.

In an LCD (liquid-crystal display) projection TV, light from a single lamp is directed to a trio of miniature LCD panels that process the red, green, and blue light components separately. The pixels in each panel contain a liquid-crystal material that regulates the amount of light passing through them by twisting and untwisting in response to electrical voltages. After exiting the LCD panels, the three colored beams are combined by a prism and projected onto the screen by a lens.

The article goes in depth about the various particulars of each, regarding contrast, color, picture detail, and picture uniformity. A great read, thanks Snob!

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