When you see a monitor labelled as "LED", it simply means that the LCD screen is backlit by LEDs. Potatow, Potahto.
Yes, it's a pretty decent monitor, IPS monitors are the new standard these days, and you will know it's an ISP monitor because it'll say on the product page. Good for gaming due to the low input lag, but you may have to tweak it a little bit to get decent colours out of it.