As a home theatre salesperson, I find JVC products a mixed bag in terms of build quality. The TVs are really good, but the VCRs are big problem at the tech bench (we get a lot of them in for repairs). Panasonic on the other hand, while not always delivering the absolute best picture and sound quality, has consistently made high-quality products.
I'd personally take the Panasonic; it's a better value. You can use the component video inputs to give you the best possible picture with a DVD player (or even a PS2, it supports interlaced [480i] component video out with the optional cable).