does LED look a lot better than plain old lcd? im hooking my laptop up to a monitor and i will use it for school work (Publisher and graphic design work) and also a lot of hulu plus. im sick of watching hulu on a 14 inch screen lol.
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.
led offers you some decent power savings and might offer a little longevity over ccfl... but chances are you will replace a monitor before that time anyways (my ccfl is over 6 years old now and works perfect).
the cons are the risks listed above. other than that if the panel types are the same then there isnt any improvment.
for professional graphic design work you will want an 8-bit ips panel for its color accuracy. since it appears you want to get into this field... if you plan on working a little from home then i highly suggest it.