If its the same as TVs (which I'm sure it is), they are both lcd screens, but one is back-lit by fluorescent bulbs, or something similar, and the other is back-lit using LEDs.
LEDs are deemed superior for this - lower power, better controllability leading to better 'blacks' etc.
All else being equal, go for the LED one, but for a monitor I don't suppose it makes as much difference as for a TV.
Is your old one a CRT ? If so either will be an improvement, easier on the eyes etc. If you already have a flat screen monitor the led back lit one will give more brightness and contrast for less power consumption usually, lcd still use a cathode back light which is a bit duller or yellower in appearance.
As above, the 'LED' refers to the backlighting rather than the actual picture component, which is the same LCD panel. Just starting to emerge now are OLED panels, which use very tiny LEDs and no backlight to generate the picture - these are however extremely expensive and not available in large sizes yet.
Traditional LCD monitors/TVs use a fluorescent tube to provide the backlight, all the same intensity. LED monitors can be 'active' or 'passive'. Passive ones behave the same as the fluorescent type - in that they just provide even illumination across the whole screen, and the LCD in front blocks or allows light through as required. Active ones have hundreds of LEDs spread across the panel, so can darken or lighten certain areas independently. So if you've got a scene with a lot of darkness at the top, the top LEDs dim to make that area darker than the LCD alone can do - so you get much better contrast ratios. As this requires more computation and more complex backlight, they cost more.
Anyway -to answer your question, I would narrow it down to a few models you like the look of, then try to see them showing the same video next to each other to decide which seems 'best' to your eye. Cheaper LED backlit ones can be massively outperformed by more expensive fluorescent ones because they've got better quality LCDs and electronics.
I've had both LED and CFL backlit monitors and the ones with CFLs tend to play up as the inverters fail. You can get the inverter boards and the CFLs but they are pricey in comparisn with a new monitor. I'd go for LED.
However, most monitors these days have LED backights and you can get nice ones for £100 or less.
have a look at them in PC World or similar. You don't have to buy there.
LG was another possiblilty - I'll be getting it from CPC. I have a Hanns-G at the moment, it doesn't always wake up from power saving mode when the video comes on so I wouldn't get another of those.
Unless they've changed since last time I used them, (been a while, granted), they're most likely not the cheapest place to get one from. If you're handy with a soldering iron, check the inverter board for dry joints and replace the electrolytic caps on that board and P.S.U board.
I regularly get stuff from CPC and need some bits anyway, so it'll make the order up to reduce postage.
I'll do those checks.
It just seems to be down one side so maybe some swapping about will find the fault. I'll get a bigger one for #1 machine, and put this on #2 machine if I can repair if not it goes on Freecycle!
Nine times out of ten, with iffy from cold type faults, it's the caps, going by the ones I've repaired in the past. They seem to love using borderline rated parts in a lot of the Asian kit. Always worth checking for the dry joints whilst you're at it, especially on parts like regulators, transformers and heatsunk components etc.
Just bought an LG E2342T 23in LED widescreen monitor. It's an order of magnitude better than the Hanns. Got it from PC World, only a tenner difference over CPC and less hassle in case of problems. Talking of which, it didn't have the correct mains lead so I had to take it back.
They couldn't find a replacement lead, so I suggested they let me have one from the accessories rack. "We can't do that because it's counted as stock". So they exchanged the whole monitor!
The Hanns has packed up completely and it will go back to the guy I bought it from because it's still got 6 months warranty on it.
The first LG monitor had a UK PSU, Wrong mains cable, (no continental PSU) and DVI cable. The 2nd one had UK & continental PSUs but no DVI cable. If you buy one from a shop, open the box before taking it away!
They said it would grow to full size the more I use it.
For the record, it's 54cm x 33cm x 1.5cm according to my tape measure. There's a bit of a bump on the back outside the 1.5cm for the electronics, the PSU is separate.
Display is 51cm x 28.7cm (58cm (23") on the diagonal)
One pleasant surprise is that if I connect the LG monitor to the DVI port on the video card and the Hanns to the VGA I get full dual monitor functionality, I was just expecting the same display on each one.
This suggests that my video card actually has two adaptors on board.