LCD TV: Better to get a larger screen or a higher contrast ratio?

I’m starting to look for an upgraded LCD TV (thank you belated tax refund!). Primarily I’m doing gaming, netflix streaming (via xbox), and streaming content from my MacBook, with some HDTV thrown in there. Based on The_Compassionate_Heretic’s suggestion, I’m looking at getting a 120Hz Samsung (I trust the brand)—most likely 1080p.

So: Better to sacrifice a few inches to get a much higher contrast ratio and bump up the refresh rate to 240Hz?