Better known for its plasma TVs, but now on its third generation of smaller-sized LED-backlit screens, Japanese manufacturer Panasonic here confirms that it's attacking on all fronts with this thoroughly versatile living room all-rounder.

At first glance the TX-L37E5B might appear to be almost identical to its same-sized counterpart in Panasonic's 3D-ready ET5 Series, the TX-L37ET5B, but there is one massive difference that puts them at opposite ends of most shopping lists.

As the TX-L37E5B doesn't have Easy 3D on board, the core panel is sourced not from LG (makers of all Easy 3D panels, which use the Passive 3D tech), but from Panasonic's own huge LCD panel factories instead.

Most importantly, that means that an IPS LCD panel has been used, which thus far have proved to be some of the best in the business for widening viewing angles and contrast-heavy visuals.

However, the 150Hz claim slapped on the TX-L37E5B isn't as significant a part of this panel's spec as it first might appear.

As is becoming the norm, backlight scanning is used to multiply the maths in the name of marketing hubris; the TX-L37E5B has a standard 50Hz panel, nothing more.

That the TX-L37E5B is completely Panasonic's own work is underlined by the inclusion of its refreshed VIERA Connect smart TV hub, a central screen that presents apps such as Netflix, BBC iPlayer, Acetrax, Twitter and Facebook.

Many more are downloadable from VIERA Connect's Marketplace, with shopping opportunities for actual hardware if you're prepared to set-up an account using a debit or credit card.

That way you can add a Skype camera for full screen calling – not a bad feature for a budget TV – and other accessories, though do note that one of them is a Wi-Fi dongle – out of the box this TV comes with a wired LAN option only.

Still, found for as little as £559 online, the Panasonic TX-L37E5B certainly looks good value. Just 40mm in depth with a bezel around the screen reaching 22mm wide, a slim transparent plastic rim catches light nicely.

Build quality is rather basic, with a desktop stand that feels a little flimsy, though you'd be hard pushed to find a TV at this price that matches the TX-L37E5B's overall construction.

Using Edge LED backlighting and sporting a Full HD resolution, this comparatively rare screen size competes against few others, though we'll also be judging it against the plasma tech Panasonic used in its 37-inchers until very recently.

Also consider

Elsewhere in the E5 Series is the 32-inch Panasonic TX-L32E5B, 42-inch Panasonic TX-L42E5B and 47-inch Panasonic TX-L47E5B, all of which have identical specs and features.

Those after Easy 3D should investigate the ET5B Series, which comprises the 32-inch Panasonic TX-L32ET5B, 37-inch Panasonic TX-L37ET5B, 42-inch Panasonic TX-L42ET5B, 47-inch Panasonic TX-L47ET5B and 55-inch Panasonic TX-L55ET5B.

Step-up Active Shutter 3D tellies in Panasonic's arsenal are myriad, though begin in the ET50 Series that covers the 32-inch TX-L32ET50B, 37-inch TX-L37ET50B, 42-inch TX-L42ET50B and 47-inch TX-L47ET50B.