What to look for in a TV purchase

I'm looking for a new TV in the 22-24 inch range, 1080p. Right now I'm just using price as a main factor - I'd prefer it to be $200 or lower. What else should I be looking when considering a purchase? I see contrast ratios from 1000:1 to 1,000,000:1, which boggles me. Also, is LED the way to go? I'd decided that I wanted one, but reading articles has made me unsure.

And if someone wants to find a good TV that matches the 1080p, $200 (with some wiggle room) limit criteria, that'd be marvelous :D