I don't think it's any better, just the same. The most important things about the backlight is that you want it to be white and you want it to uniformly light the entire screen.
Consumer level "LED monitors" use blue LED with a yellow phosphorous coating to imitate white. Most of the time the light will be white, but there a few cases where people have noticed LED light to be slightly bluish. Additionally, these LED monitors are all edge lit instead of having a full array backlight. That means the chances of backlight bleeding around the edges are higher than that of traditional CCFL which is a full array backlight.
I believe monitors with LED backlight are less expensive to manufacture than traditional CCFL backlight monitors. But being newer and there's a demand for them the price is higher.