Sometimes new technology is just plain better--LEDs consume less electricity, the frequency of light they emit is "purer," they don't contain the harmful mercury that CCFLs do, and they lend themselves to thinner sets (although the thinnest sets, the edge-lit ones, don't get the added benefit of local dimming, mentioned below).
Some LED-backlit models feature "local dimming"--basically, the LCD panel is backlit by a grid of hundreds of LEDs, which can each selectively dim or brighten depending on the brightness of the section of the image they're backlighting, thus improving the display's effective contrast ratio--the blacks look blacker, the bright areas look brighter, mitigating what has been one of LCD's biggest drawbacks. Videophiles might point out that this is still south of the quality of the best Pioneer Kuro plasmas, but considering that those aren't made anymore, these are pretty darn good.
So as far as I can tell, the only downside is the premium one pays for new technology--this is the latest and greatest, and you'll pay hundreds more for an LED-backlit LCD TV than you would for a comparable old-fashioned CCFL-backlit LCD.
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