Do I need HDMI 1.4 ?

If the TV cannot use the features of 1.4 then it is useless. The 1.4 is more important for things like receivers (so they can switch 1.4) and BD players for 3D. If the TV is a 3D TV that can use ethernet for something over 1.4 then 1.4 is uses.
 

LED, Plasma, or 3-D

Following film and TV, music takes stab at 3-D

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