To preface this, I am using it as a monitor for my home theater PC, so I am not reviewing the Smart TV aspect.
At the $218 sale price I paid, the picture quality is difficult to beat. You're getting a Mini-LED QLED with a VA panel which should have better blacks than the other IPS models (43", 55", 65", 75") but some of the trade-offs include worse viewing angles, and VA tends to have more motion blur, but it's very acceptable here in my opinion.
The real drawback to the picture are the limited calibration options. There's no fine white balance adjustment, just 3 presets, and only a couple setting combinations that actually look good. For me on HDR, slider defaults (50) look fine, with the exception of Tone Mapping and Sharpness at 0. Mini-LED Zone control on Bright is the only one I would recommend, as it has the best brightness level and I'd say the best looking zone transitions. Combine that with Warm white balance, which looks pretty accurate on Bright, but too warm on any other Zone setting. This doesn't have a huge amount of dimming zones, so expect some bloom or raised blacks around bright areas, and some visible zone shifting when using a desktop. Media and gaming looks great though. Make sure to do the HDR calibration on your device.
I use Game Mode, which disables most all processing, but those options don't seem to do much anyway. If you're looking for fancy AI motion and picture processing, this isn't the set for you. Sometimes the TV will turn Game Mode off for some reason and you need to go into the settings and change it back. The secondary mode of 1080p 120hz is a great feature and one of the reasons I couldn't pass this TV up. It's less sharp than 4k, but still looks great for gaming.
I had to exchange a few units before finding one with minimal dead/stuck pixels or debris under the panel. Budget TVs can have more panel variation, so I'd inspect yours carefully.
The TV seems very sensitive to the quality of your HDMI connection, so if your cable isn't quality or is too long, you may experience black screens or the TV may reboot sometimes. This was my experience with different cables sending 4k60 HDR10.
Menus look good and are responsive. eARC with a soundbar works well. You can use this as a "dumb" TV if you want by just not signing into an account even if you connect it to WiFi for updates. If you sign in for the Smart TV features, you can still disable some of the data collection, if you trust Vizio/Walmart respects that.
All in, the price makes this a great value. If it was more expensive, I wouldn't have given it much of a positive review, but I couldn't find a TV with all these features for even $100 more. I'm pretty happy with it after getting over some of the drawbacks.
Note: FedEx is terrible, which has generally been my experience. The screen on one of mine was cracked and the box looked like it had been through a war. I picked up the others in-store. Walmart, please ditch them.