There is so much more that we would need to know. The big question is what kind of TV do you watch. If you want this to watch sports and normal TV get the bigger one. If you watch a lot of movies with dark scenes you might get a better contrast out of the LED making that the way to go. If you have a bedroom that you would also like a TV in someday get the smaller one then later get a bigger LED and move the 40" to the bedroom.
Keep in mind that you won't have the 40" sitting next to the 46" inch. In other words you aren't going to miss what you don't have unless its really bad.










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