LED TVs are technically a part of the LCD TV family but use LED backlighting rather than fluorescent lights. LED come in two forms. Dynamic RGB LEDs which are positioned behind the panel or white Edge-LEDs positioned around the rim of the screen which use a special diffusion panel to spread the light evenly behind the screen.
RGB Dynamic LEDs - This method of backlighting allows dimming to occur locally creating specific areas of darkness on the screen. This can show truer blacks and whites at a much higher dynamic contrast ratio.
Edge-LEDs - This method of backlighting allows for LED-backlit TVs to become extremely thin. The light is diffused across the screen by a special panel which produces a uniform colour range across the screen.
Pros - LED TV's allow for greater contrast levels, so bright images become brighter and dark images become darker. LED TVs are ultra-slim and often less than 3cm deep. LED TV's use up to 40% less power than standard LCD TVs, so are better for the environment and could save you money on your energy bill.
Cons - LED TVs considerably more expensive than traditional LCD TVs. Halo effect on some TVs depending on how the light is passed around the screen.