Phillips Magnavox Projection TV - pop noise with burn smell

[shafferjPSU]

I have a 42" Phillips Magnavox Projection TV (Model # 8P4831C) and the other day my brother turned it on and he said it made a popping noise and smelled like something was burning. Now the TV does not turn on at all. The repairman gave an estimate on the phone that it would cost around $600 to fix because it is an older Magnavox TV. Any ideas as to what could be wrong and if it would be worth fixing it or getting a new one? Thanks.