The color sharpness and brightness on the LEDs blows the LCDs away. You can really see the difference in video games, modern warfare 2 looks a hell of a lot better on my roomates tv than mine. I think he has an aquos but can't remember, its got the yellow added in and 120Hz, I've got a samsung LCD 60hz. I've got a nice picture, especially on HD or blurays but it doesn't match up to his.
I agree about the 120hz, it's makes everything look like a soap opera or something, i can't stand it. I think he paid like 1300 for his a couple months ago, with 0% interest for a year. Mine was 900 about a year ago.