As if every other major television manufacturer hasn't been touting LED-based sets for quite some time, LG / Philips are purportedly reading a 47-inch LED-backlit LCD to be unleashed "as early as the second quarter" of this year, and if things pan out, it'll sport a whopping 1,000,000:1 contrast ratio and a 1,920 x 1,080 resolution as well. Interestingly, it seems that the set might appear first under the Philips brand name, with an LG flavor to emerge shortly thereafter. Of course, we've no idea how serious the two firms are on keeping this 2Q forecast a reality, nor how much dough it'll demand when (if?) it finally hits the showroom floor, but with specs like this, a ship date couldn't come soon enough.