That's a LED LCD display, the LED doesn't replace the LCD, it's the backlight.
Most LCD displays use a cold cathode (CCFL) as the backlight, LED's mostly allow for thinner displays, though the uniformity and overall display is subtly better.
Where LED's have the real advantage is RGB LED LCDs (I know, long) where they have 3 LED's, Red, Green, Blue, and it allows for amazing Contract, black levels, gamma, etc.
And thank you for the compliment.
Sorry for the incorrectly formatted question I knew that LED is the backlight for LCD I was just wondering if it had a better picture as you have just told me it does, so thank you for the advice.
EDIT: I might go with the 1080P one just because I don't want to have to convert a DVI to HDMI everytime I setup