In computer monitors, is there a large difference between LED and LCD?

AFAIK LED refers to the method of back-lighting the monitor, which will be LCD in any case. DVI cables are video-only, whereas HDMI is audio/video. Unless your monitor is your television, you won’t be needing HDMI all that much.

Led monitors tend to be thinner and brighter and use less power. I have one of each here is a pic comparing their thickness.

HDMI and DVI are both digital so the only difference is HDMI also caries audio. This can be handy if you ever want to hook the computer up to your TV.

And yes, You look at your monitor all day so don’t be cheap. My mom has a Acer display that is horrible. I have a HP 2211x and there is a huge difference between the two.

@Nullo and @johnpowell are correct the LED monitor are LCD monitors that are backlit with LED instead of CCFL (cold cathode flourescent). And in general they will both act the same for all uses.
And HDMI carries audio along with digital video. The quality of digital video is the same.

I think it’s worth looking at some TVs especially in larger sized, because they can have more input ports (plug multiple things into it, switchable) and lots of them have interpolating framerates built in that will make a difference for games or movies when action would otherwise cause a blur between frames.

Brand does make a difference in color accuracy, and unless you’re going for calibrated-quality, Samsung is usually around the top of most review lists. In TVs Samsung and Sony are usually at the top of the image quality lists. LG is close to the top, HP is all over the place depending on the model (and personally, to me, HP computer products always have some ergonomic flaw someplace).
Cheaper/cheapest monitors will never have the colors just right.

That’s a big help, thanks guys!

Just go for LED monitor. Energy saving factor & nicer display are good enough reasons. Get higher-end monitor brand to enjoy good quality screen display. Some examples like Samsung, LG, and Sony.