Neither, LED is the way to go. Now between those two, IPS is definetly better.
Do you even have any idea what you are talking about?
"LED" simply refers to the backlight of the LCD monitor. Traditionally it has been florescent lights. Florescent backlight has traditionally been normal gamut color (72% - 74%) which generally means it looks more "natural"; I'm not going into the technical aspects. Color print outs are a bit off from the colors of the screen because monitors use Red, Green, Blue (RGB) to create colors, but printers use Cyan, Yellow, Magenta and Black (CYMK) to printout colors.
I think starting in 2006 wide gamut color monitors (generally 90%+) started to hit the consumer market. It gives everything a slight greenish hue, but color printouts generally looks very close to precise to what is on the screen (depending on $$ of equipment and proper color calibration).
"LED" backlight on consumer level monitors generally have below normal gamut color (~ 68%) which gives everything a slight bluish hue and doesn't help with color printouts at all. Additionally all consumer level "LED monitors" uses TN panels. Therefore, some telling you to get a "LED monitor" over a monitor that uses a TN panel because "it is better", simply does not know what he/she is talking about.
I know LED isn't a new type of screen or anything like that, it's just the backlight of it, but damn it makes a huge difference vs a traditional LCD, WAY better contrast and less ghosting, for a reasonable price increase.
I'm not very familiar with monitor stuff so be cool.
Contrast is determined by a pixel's ability to block out light. TN and IPS matricies won't be able to block out light more than a 1000:1 ratio. There are two VA panels that can do 3000:1. What LEDs do improve is dynamic contrast but that counts for nothing. Let me explain.
Static contrast = the difference between the darkest pixel and brightest pixel. Higher is better because darker objects would appear more black instead of grey in bright settings or the reverse.
Dyanmic contrast = the difference between the brightest pixel with the backlight maxed out and the darkest pixel with the backlight at minimum. Higher means absolutely nothing because the backlight can only be on 1 setting at any given time. So you will never be able to see the difference between maxed backlight and minimum backlight in the same instance. At any given time the maximum contrast will only be the static contrast ratio of 1000:1, or more if you are using a VA panel. Dynamic contrast doesn't do anything, but at the end of the day, manufacturers still need to sell you a product and qouting ridiculously high numbers people don't understand proves to be an effective means of making money.
Ghosting is not caused by the backlight. There shouldn't be any relation between the backlight and ghosting. Ghosting relates to response time; how fast the pixels can switch. Faster pixel response time means the faster the image can be redrawn, reducing ghosting.
I have a LED monitor. My laptop is also LED backlit. Neither of them are good monitors. Their colors are terrible (only 68% color gamut) and blue tint won't go away despite calibration.
For the actual question. The only TN monitors worth looking at are the 120hz models. This is the only area IPS doesn't have an advantage in. If you play many fast paced shooters then this is good area to look into.
On the flip side IPS panels destroys TN in terms of color. Not only are all IPS panels 8-bit instead of 6-bit, most of them come with better CCFL backlights for way higher color gamut. The difference in terms of view angle and color is astonishing. If you play games like RPGs or strategy then IPS is the obvious choice. You might even want IPS for fast paced shooters since the image looks so much better.
Just don't buy a normal 60hz TN panel. That is just bad at everything.
My preferance is the FL backlighting with a 2ms or less response time.
LED backlit screens do fool you into believing that it is sharper because of the increased blue content of the lighting source.
If you are buying a screen take a photo on photo paper and an sd card or take your camera to the store and ask them to put the picture on the screen you want to purchase then you'll see what you're buying!
There are lots of ways to make sure you're getting what you like and if they can't accomodate you then you don't want to deal with them anyways!
That's how I purchase..and I'm a happy owner...JQ
Thanks Rofl_My_Waffle. That clears a bit of confusion. I've been reading on the user reviews of 120Hz monitors that the refresh rate is an advantage in games in 2D. That said, an IPS panel with <5ms should suffice in most games in order to take advantage of the better color. I find myself playing more stategy anyway but I ghosting would be intolerable in the occasional FPS. I've experience enough of that with my current Samsung 940BF.
Does anyone have any IPS panel recommendations that still has a decent response time?