There is no difference. LED is the backlighting while LCD is the display. LCD stands for Liquid Crystal Display, it is in pretty much everything now. LED stands for Light Emitting Diode, it is also in most everything.
LED is the backlight to the LCD screen. It used to be a CCRT, Cold Cathode Ray Tube, that provided the back light.
In any case, a LED backlit monitor is going to give the best color and possible brightness.