Smart TV refers to the combining of the Internet and Web 2.0 functions into televisions or set-top devices.
Like a 'smartphone', with its integration of the Internet, Web widgets, and various software applications, so too does a TV integrated in this way become a 'Smart TV'.
Before we can properly answer this question, let's take a moment to describe the current High Definition Display technologies. After that, we'll list out the Pros and Cons to help us be more informed and make a better overall decision.