IPS is so much more crisp and refined versus an LED.
LED's are the backlighting, you're thinking of TNs
Well, let's back up here so we're on the same page.
TN panels are the most common variety of LCD panels you can find because they're cheap to make. They're also fast (allegedly 2ms response time). However, they have crappy viewing angles with color shifting so bad, you will see a gradient when there's supposed to be a solid color. They're also limited to 18-bit color, but they employ tricks such that you don't really notice.
IPS are more expensive, but they come in two flavors: eIPS and P-IPS. eIPS is the cheaper one, usually starting at $300 for 24". They have great viewing angles, but they can't do true 24-bit color (limited to 18-bits still). P-IPS is the expensive one, starting at $500-$600 at 24". These ones will have 24-bit color.
In regards to color reproduction though, unless you're a graphics artist or you really must have absolutely accurate colors, don't go out of your way getting a P-IPS monitor. The only unfortunate thing is the higher resolution monitors past 1080p/1920x1200 are all P-IPS for some reason.