led refers to backlighting. honestly all of the marketing slogans for led and full-hd do nothing but confuse people. instead of having practical names they just come up with anything to make a sale quick.
in any case, ccfl and led monitors are both available cheap. leds are going to give you power savings but cheap models can have a blue-tint to them which you may be able to adjust out but just be aware of this.
there is no real difference other than that.
panel type is going to affect you more. perhaps read manofchalk (and my) guide. he has it posted in his sig.