Opinions are just that, opinions.
I bought a used 52' RCA projection TV 3 years ago for $600 (retailed for $1200!).
It was a year old at the time and had a great picture, I tested it at the store with a PS2 and DOA 2. I've since made 1 repair, cost $225 about a year ago, the circuit board needed resoldering in several spots, a common problem with RCAs.
Having said that, we've enjoy our set, it gets used every day for at least 8-12 hours.
It's not even a wide-screen or HD capable but for us it was such a step up from the 27"
Zenith, we were overjoyed.
I, for one, for financial reasons mostly can't dive into HDTV, much less lcd/plasma right now.
Not everyone can afford or needs the latest, greatest, expensive gadget.
For a basement family room I think you are making a good choice.
Hell, you're getting HDTV at a just $100 over what I paid for my regular TV a few years ago.
I think your family will enjoy it.
But that's just my own opinion

ARCADIAC!