If you are more in the real-world budget, there are two-types of LED monitors being marketed.
The true LEd monitor uses OLEDs for the image source. They are still very expensive because the yield of large OLED panels is still pretty low. Your iPAD and most smart phones are using OLED displays. These are very good for video reference because they can be accurately calibrated. Blacks are black and whites are pretty close.
The mid-range "LED Monitor" is really an LCD monitor, but with an array of LED's making up the backlight. They have one tri-color LED for a group of pixels in the LCD. These can be made in really large resolutions and can be properly calibrated. These monitors have one backlight LEd for 8X8 or 16X16 pixels. these can be made into very thin and low-power monitors. Cheaper ones can have one backlight LED for 64X64 LCD pixels.
Most of the "LED" monitors in the computer stores just replace the CFL backlight with a row of LED's. The only advantage is lower power consumption. As with most LCd monitors, they cannot be calibrated to reference levels. Black is an illusion and white is whatever color the LED backlight says is white.
I am sticking with my Dell monitors for now. The OLED monitors I've seen would blow your socks off in resolution, sharpness and contrast. But their poor yield is keeping them in the small-monitor use for now.
LED for sure. But note that most (all ?) desktop displays marketed as LED are in fact LCD with LED backlighting. Should be illgal to advertise these as LED.
Yep, i've had to explain this many times to folks who were overzealously planning on buying an "LED TV". When i finally got them to understand what it actually meant they've all been appalled and made similar claims that it should be considered illegal advertising.
'Course, the really foolish thing is that i tell them this as they're standing there in the store ooh-ing and ahh-ing the amazingly lovely picture on the screen. Then after i tell them, suddenly the image is crud and worthless. Hmmmm. Did the image quality really change just because they learned how it was produced?
Sony has a range of professional OLED monitors with HDMI inputs that could be used as a desktop computer monitor. They range from $2,725 for a 7" to $6,100 for a 25" to around $26,000 for their ultimate OLED 24.5" 12-bit monitors.
Sony has also shown their "Crystal LED displays", they use 6 million front-mounted ultrafine RGB LEDs for the display. They can be considered a true LED TV.