lostsoul65, check out this thread on avsforum.
it says "4:4:4 capability is never listed in the spec sheets. So the only way to determine 4:4:4 capability is to test it yourself"
"For some TVs, you have to set specific TV settings to enable 4:4:4 capability. These include things like switching to special picture modes (i.e., “Game” or “PC” mode)"
Also, Vizio is a mid to low end brand.
Roland, latency is the response time of the tv/monitor. For monitors they list it like 2ms, 5ms, etc. Also tv's apply their own processing to the image, which they do to make it "look better", but it can introduce lag and strange stuff like the Soap Opera Effect (which is when 120hz tv's try to force 60hz content into 120hz by randomly inserting its own frames which ruin the original look of the content and make it look like it's somehow in fast forward without being in fast forward, and gives it a 'too real' look, like a cheaply filmed soap opera).
Some people like these settings but those people are wrong
When you get a new tv, turn off "tru motion" or "smooth motion" settings, and on the fly brightness adjustments.
The problem with latency, the cost of it, is ghosting and perhaps stuttering or strobing effects, which you may notice during movies that are panning around a lot quickly, or possibly during sports. And it is not good for video game consoles. But that is why new tvs have a "Game Mode" which disables added image processing features and just lets the game console shove its video straight through with the best response time it can.
When buying a tv as a tv, I don't see latency being an issue these days, other than going in and disabling some of the new features which make old (and current) television look worse.
I don't recommend you get a tv as a monitor if you are picky enough to care about things like chroma mapping and latency. They are more expensive and they don't look as good.