It's all in the eyes of the owner. If you see it as having great colors and the picture looks great then to you it's a great tv. Most people don't see the differences between a great tv and an ok tv set, much like a lot of people can't hear the difference between a $400.00 boxed sound system and a $4000.00 sound system. If it looks great and sounds great to you then that's all the person needs to be concern with.
I have a friend that bought an hdtv and every time I would walk into his house I could see his colors were all blended together and the picture looked like crap. I would tell him over and over again that there was something wrong with his set and since it was brand new and still under warranty that he should have it looked at. Almost a whole year went by before he finally got around to having the service tech come over and look at it and the guy told him it was broken and replaced a few parts in it. My friend said he couldn't believe the difference from how bad it was before it got fixed. He simply could not see it as having a problem in his eyes.
I have another friend were we go over to their house and they'll be running the daytime setting's at night and you'll see the picture so over brighten and noisy but they simply don't see it. I went over a guys house to help him and he was watching a movie from a system he had setup for a while now and he never noticed that he had the left and center speaker connected in the wrong ports. He simply didn't hear it as not sounding correctly.
If buying a cheap tv makes you happy and you don't see any difference then I say buy it, it's your tv set and you will be the one watching it.