TV...I think it just up and died so- led, plasma, lcd, what?

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Yikes, we believe our tv just gave up. It is quite old, 16 or so, we were watching and tada...it just zipped up into a colored line up the center of the screen. We have audio. We have been talking about this happening, but havent really gotten information. So, are we correct, it sounds like it is finished?
If so do you have any info or opinions on Led,. lcd, plasma..whatever? It is a very confusing area out there for us.
And I have been conscripted to get info, so I started here with my friends.
And I dont even know where to post this.
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