Different strokes and all that... I picked up the 42v a few weeks ago and I am very happy.
It took me 4 months of reading reviews and research, looking at dozens in stores and bringing my own dvd, hooking up different sources to the chagrin of the salesperson, and adjusting settings on my own. I looked into marketing hype such as 10 bit, 120 Hz, and motionflow, and examined sizes from 37 to 52. I considered Samsung and Sharp, Sony and others. I looked into plasma. At one point I even printed an image of the screen size to determine which size was best for my room. I had a budget of 1500 plus tax, and might have gone even higher if I felt it was warranted. Fortunately I spent significantly less, how often do people say that when it comes to home theater? In the Sony store they played the sources that made the absolute most of 120 hz, and I could easily tell the differences, but I found that it had little to do with image quality in day to day use. The 42v does support 24p which looks great from blu ray.
I'm not sure about under saturated blue out of the box. I thought blue was fine, red a bit strong. Far more important was that all picture modes had sharpness too high (for me at least), even for HD content. SD looked especially poor with the sharpness settings. But I dialed it down to taste. Done. The other settings were more or less ok. Don't use vivid, while it looks good at first it is simply blasting over-saturation at you. Of the TV's I examined, the V has the best black levels and white levels, and the screen seems to absorb and reflect the right amount of light compared to other models. Plasma screens simply reflected too much for my needs. Also the speakers are better than other models in my opinion.
My wife is glad I didn't go bigger. The picture is just the right size, SD looks reasonable and HD looks amazing. My PS3 does a decent job upscaling, but there is occaisional motion judder, not sure if it is the ps3 or the TV. I am now addicted to blu ray which looks amazing. I almost bit on the far more expensive Z series, but then I sat down and compared them and focused intently. The picture was the same, the rest is just marketing. Get the Z because it looks a bit nicer. By the way the V looks great in my room, I would avoid the S because it's a bit too plastic.
Let me know if you have any questions.