How important is Contrast Ratio when buying a HD TV?
Contrast, Black level and dynamic range are important factors BUT since there is no standardized method for measuring contrast (Contrast IS a ratio, so even the term “contrast ratio” is confusing) commercial ratings are almost meaningless (See link 1 for why). You shouldn’t ignore it, but you need to use it as a starting point only, and then trust your eyes. See the article at the 2nd link for an excellent overview that explains how contrast is measured, why anything more than about 2000:1 is generally unimportant because ambient light negates it, and that commercial movie theatres have CR ratings of 2000:1 or less.