I am a Manufacturing Engineer and I work with designers all the time. Let me explain the difference between the two. They are both LCD TV's. The only difference is the backlight, The LCD panel as you describe has a different backlight. That backlight is similar to fluorescent bulbs like you may have in your basement. The LED is a backlight panel with thousands of LED's on the back lighting behind the LCD screen. LED's are better for emmission's and will last longer then fluroescent lighting, however I have had my LCD panel for 7 years now and have not had any problems. Basically, they are overmarketing LED panels to try and get a new spark on price for LCD technology. In my opinion you don't need LED TV for the price. You will get the exact same picture from the LCD and get a much better price. I hope this helps.