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LED, they are lighter,thinner, consume less power,last longer, and have better color and picture.

LCD- Cheaper.

2nd Answer:

Surprise! They are BOTH LCD screens. The older style are lighted from behind with fluorescent lighting, which is not color perfect.

The newer style have LCD screens that are lighted from behind with LEDs, which have nearly perfect color, and are also much sharper.

3rd answer:

LED are light emitting diodes, and an LED display is composed of a matrix of many light emitting diodes. The LED display, therefore, is an active emitter of light. LCD is short for liquid crystal display. It operates on the basis of reflected (or not reflected) light, but is in itself not an active light emitter. Modern LCD designs act as transparent displays with a backlight shining through, but the display itself is not actively emitting light.

LED displays offer higher contrast, speed and brightness, but LCD displays offer lower manufacturing cost.
LCD stands for liquid crystal display. The technology uses tiny cells that are used to open and close shutters. As the shutters are opened, light can pass through them. In a television, the cells are arrange in groups of three, with a red, a green and a blue filter.

An LCD television needs a light source behind the display screen and this has traditionally been several fluorescent tubes. 2009 saw the introduction of white LED arrays as a light source rather than fluorescent tubes. The LED technology allows for more efficient lighting and thinner cases for the televisions but the display technology itself is unchanged.

Confusingly, there is now a small but growing selection of LED televisions that do not use LCD at all. These models feature a red, a green and a blue light emitting diode for each pixel of the image. The image is created by the LEDs glowing at varying intensities and so they do not need any kind of back light. This same technology is used in large arena and open air displays but only now is it becoming practical to produce compact LED arrays of a size to suit domestic size displays. True LED televisions are in their infancy in 2010 but we can expect the technology to mature over the coming years and it is likely that they will become the dominant display technology in the coming years.

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