I bought an RCA LCD 46″ tv and wondering if it would mount on the wall fine.

a 50 inch LCD on a wall mount. What is the best height for watching from a sitting position, angles to the sides, standing etc.
It is on a mount that rotates side to side and tilts up and down, but I don’t want to rely on that for anything other then fine tuning the angles for the best picture.

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We were thinking of getting a 50 inch plasma TV, but were wondering how much room was needed so we can watch it at an ideal distance away?