S.L.
Best Buy told us that LCD is cheaper and it's not that much different but the LED is the newer technology. We have LCD and they are fine and my advice would be to ask the store before you buy how each works and go from there. We are happy with our LCD TV's though. I know the lighting is different in the two and the LED may last longer.
http://www.ehow.com/facts_###-###-####_led-vs_-lcd-hdtv.html