Energywise

LED backlight is not necessarily more reliable. They can last longer, but that is longevity, not reliability.

LED backlit monitors uses less power because LEDs consume less power than florescent and because they are edge lit rather than a full array backlight. Edge lit meas the LED lights are around the edges of the screen and are basically facing each other. Full array backlight means the backlight is directly behind the LCD panel and the light is directed outward towards the viewer(s).

Because edge backlighting uses less "bulbs" than full array backlighting, they consume less power, weigh less and can be made thinner.

However, the light that LED backlight makes is not truly white. Blue LED lights are used and coated with a yellow phosphorus coating to imitate white light. A few people have complained that colors look a little bluish, but that is small percentage of people.