As pointed out by Praneeth, LED TVs currently available in the market are just LED lit LCD TVs. While some advanced products have modulated LED arrays behind the LCD panel to enhance the black levels and contrast, regular LEDs commonly available and accessible to majority of consumers are just a marketing phenomenon than a technological leap.

The real revolution in display technology is just a few years away and we can already see many flagship products showcased in CES and other events. Yes, your guessed it right, its the OLED technology.

OLED technology has many advantages compared to current ones.

1. Paper thin displays
2. Flexible Panels
3. Ultra low power consumption
4. Better color reproduction and contrast.

Its similar to Plasma display in that its self luminescent and can reproduce deep blacks with out a hitch.

They are commonly seen in high-end smartphones for now but are slowly making their way into the living room.