LED doesn't improve color. LED is actually worse than wide gamut CCFLs.
If you want better color. Look for IPS monitors.
The Apple Cinema display is a IPS monitor and LED backlit but the LED backligt is white LED so the color sucks. The Dell U2711 uses the same LG made panel as the apple cinema display but not LED so the color is way better.
Price of those monitors are around $1k but they are 2560x1440 resolution, way higher than 1080P.
Unfortunately there are no cheap TN panels with LED backlight and 1080P at 27" or even above 24"