"LED TVs" in reality are LCD TVs but are called so due to LED back lighting technology used in them. Samsung a leading manufacturer of consumer electronics, have been asked to explicitly indicate in their marketing advertisements that LED TVs they are selling are actually not pure LED but are LCD TVs which are equipped with LED technology.
In technical terms this means that LED TVs being sold are actually TVs with LED lighting technology, which depending upon the mechanism can be backlit or edgelit. In backlit LED TVs there is a panel of LEDs just at the back side of main LCD screen which is programmed to produce less or more light depending upon the mechanism to enhance the image quality on the LCD screen. Edgelit TVs have a mechanism where LED's are installed on the edges which then point light onto the required areas on the screen. This also allows the LCD TVs to be made slimmer than before.
The LED LCDs are upto third slimmer than pure LCDs because of the very small LED size as compared to the CCFL (Cold Cathode Fluroescent Lamp) which are made use of in the LCD TVs. LED LCD TVs are capable of creating more vivid images along with a vastly superior color and contrast spectrum. The viewing angles have also seen improvement and can now compete with those, generated by Plasma TVs.
Though these factors have immense importance in making the overall performance of LED LCD TVs superior, yet the major argument point used in the selling of these TVs is its reduced power consumption. Edge lit LEDs consume about 40 % less power as compared to LCD TVs because the mercury less LEDs used in former uses very less electricity to light up.
Many manufacturers also add many environmentally friendly and power saving mechanisms to these LED, so this may result in your electricity bills and carbon footprints getting reduced.
A large number of new LED TV ranges have been launched in the market recently. Samsung has introduced super slimline models which are less than 1" in thickness, Sony has introduced a individually controlled LED panel which is backlit, Toshiba's has brought out new LED backlit mechanism with 240 KHz display panel, LG has jumped in with 240 KHz TruMotion LED backlit TV range. Sharp has also introduced an Ultra Bright LED system.
With so much of variations and models available for LED TVs it is good to do in-depth research and then go for the model and brand which suits your requirements and budget too.
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