I read that LED has better colors, easier on the eyes, consume less power, and are thinner. To me only the colors really matter (I do care about the eye strain, but I don't think it will be too much of a problem), so do you guys think I should get the LED one? I mean for the most part these two seem to be the same. Though I don't know much about these things, hence why I am here asking.
For the most part, I don't think that you'd notice the difference between the two. However, if you haven't bought already, I'd personally lean in the direction of the LCD, as it is slightly brighter, which may help in regard to showing off colors in a more vibrant manner.
LED does not have better colors, but they do consume less power. Through the usage of "Edge Lighting" a LCD monitor with LED backlight can made thinner. Traditional LCD monitors use florescent backlight which is directly behind the LCD panel and is referred to as "Full Array".
"Edge Lighting" means the backlight actually emanates from the sides of the monitor into a type of amorphous material which then reflects the light to the viewer(s).
Color is determined by the gamut percentage. Traditional LCD monitors generally had a gamut of 72% - 74% which is known as standard gamut. Around 2006/2007 wide screen color gamut monitors were introduced and these monitors basically have 90%+ color gamut; colors tend to have a slight greenish hue compared to normal gamut. Wide color gamut monitors basically dominates the LCD arena now. However, there are still normal gamut LCD monitors being sold.
Typical "LED monitors" have around 66% - 70% color gamut from some research I've done in the recent past. That means colors tend to have a slight bluish hue.
Generally speaking, do not let all this take about color gamut deter you 'cause unless you are going to buy a colorimeter to precisely adjust colors to make them as perfect as possible, you will eventually get used to it. It took me a while to adjust from normal color gamut to wide color gamut. In fact, I am still adjusting a bit since sometimes when a look at a picture on my wide gamut monitor I say to myself, "that looks a bit too green."
Additionally, all "LED monitors" use TN panels which are inexpensive to manufacture and gamers love the fast response times. They produce good enough colors for the vast majority of typical consumers; but are generally frowned upon for any application where color accuracy is extremely important.
The Asus VW246H is a good TN panel monitor for the average consumer. I have it's "sister", the VK246H. The only difference is the built-in webcam. See my review of the VK246H...