There is a distinction in the LED-lit arena. Some displays / TVs use edge-lit backlighting and some have direct LED backlighting. Edge-lit is no different in how it functions than the previous cold-cathode lighting, which was also edge-lit. You will notice a difference in the warmth and responsiveness of the lighting, however. I prefer cold cathode to LED, but many people prefer the brightness of LEDs.
Actual LED displays are expensive and not very practical for consumers. There is better technology for that such as OLED. Real LED elements are generally not produced small enough to give the same resolution you would find on a consumer sized panel, which is why you find that technology used where bigger screens are desired.