archbrix on 06 December 2012
Yes, LED is just LCD with LED. The difference is that "Light Emitting Diodes" are mounted either along the edges or behind the LCD panel (edge-lit or back-lit, respectively) and allow for better contrast ratios (light to dark variance) than a standard LCD. Back-lit LED TVs (also known as "full array"), with local dimming offer the best picture.
However, OLED TVs are different. Unlike LEDs which rely on edge or back lighting, "Organic Light Emitting Diode" displays emit the light themselves and are prohibitively expensive for the consumer mass market beyond about 11 inches right now.
