We have this TV. Ours is only about 5 weeks old but we already have to contact LG and are waiting for servicing. After about 20-30 min of using, it will shut down and reboot itself intermittently. We are not the only one that having this problem. For more information about this issue see the link below:
PIP is pretty much a dead technology. It relied on you using the built-in tuner, which no one tends to use anymore (save the very few who use an antenna instead of satellite/cable). Since your cable/satellite box is your tuner, there is no point in putting in PIP features, because you won't get two stations. The few TVs that do offer PIP are usually the built-in tuner, plus one input (cable box, video game, bluray, etc) and due to HDTV resolutions/formats, it doesn't fit the screen very well and can be very hard to watch due to size.
Even if you do use your tuner, government regulations state any tuner must be digital, which means the manufacturers would need to put two digital tuners into the TV, thus jumping the price up by hundreds of dollars that the majority of people won't want to buy.
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