Solution
Right now, it acts as an alternative backlight - Cold Cathode Fluorescent Lamp (CCFL) used to be the standard backlight, but more monitors are coming out now with LED backlights. Many such monitors don't make it obvious that the LED is the backlight, possibly deliberately allowing consumers to think that the individual pixels are LEDs, but that's not the case for those monitors. OLED is common for handheld devices, but there aren't really any consumer-priced OLED monitors yet.
Right now, it acts as an alternative backlight - Cold Cathode Fluorescent Lamp (CCFL) used to be the standard backlight, but more monitors are coming out now with LED backlights. Many such monitors don't make it obvious that the LED is the backlight, possibly deliberately allowing consumers to think that the individual pixels are LEDs, but that's not the case for those monitors. OLED is common for handheld devices, but there aren't really any consumer-priced OLED monitors yet.
 
Solution