The LG LF5500 LED TV isn't a great budget TV. It has good color accuracy at an angle and low input lag, but its poor contrast ratio and screen uniformity are a deal breaker if you watch it in a dark room.
While it has low input lag, the motion blur of the LG LF5500 is a bit too much to make it a good choice for gaming. Movies aren't great either, due to the low contrast ratio and poor screen uniformity. The main advantage of this LG TV is the good color accuracy at an angle.
The front of the bezel of the LG LF5500 is gray, which makes it stand out in a room. At least the bezel is quite thin.
This LG TV's contrast ratio is below average, because it has an IPS panel. In a dark room, the blacks are gray, which isn't ideal.
The LG LF5500 maintains good color accuracy even at an angle. The picture only gets darker when viewed from the side.
Update 01/06/2017: We have changed the methodology of testing. Since this is an old TV which we don't have anymore, we extrapolated the results from 2016 TVs.
The TV has no judder in movies when watching them via a 24p source (like a Blu-ray player). It can't do the reverse 3:2 pulldown though.
In game mode, the input lag is a low 28.4ms. The other modes aren't much higher (31ms), so feel free to use whichever you prefer.
To enable chroma 4:4:4, label the HDMI input as PC.