For sound I understand the concept now. I checked the TV manual and found that it has optical output capable of giving Dolby Digital, when available. Per the post on light waves vs cable transmission, OTA broadcast quality is the best. (I always thought that cable must be compressing the quality. Thanks for such a good conceptual post)
For antenna, I will go either with TERK non-amplified or Phillips Non-Amplified SDV5119/27. Glad to know that Lava is a no-go before experiencing it hands-on
.
And I do know that you guys are the experts
here. That is why I came here and will go by your advice and not Google (which pointed me to a few websites showing that Lava antenna).