What's the Difference Between an 'lcd' and 'led' Television?

I know that it's something to do with the back lighting as the LCD is a type of fluorescent lighting and LED is different yet again but is there any difference in picture quality at all?
I am thinking of purchasing a small TV in the near future but undecided which one of the two to buy.

Suggestion:

LCD stands for liquid crystal display, its a quite thick TV, with good picture and will cost less. But LED has a back-light of leds, this gives off the best picture you can imagine, very bright and sharp, also the tv is super super slim, but it may cost more!

{ 3 comments… read them below or add one }

An LED is an LCD with a different type of backlighting, making it slimmer and lighter. They both have the same specs., performance, and response time.. Only a very slight power use difference in the two.. (Don't know why many people think they are so different..?)

And "LED" television is just an LCD television that uses LEDs for the back-light, rather than the fluorescent tubes used in conventional LCD screens.

Some LED television are quite good, but many suffer from issues where the screen is unevenly lit.

As Matt says, LED = thinner, brighter, better picture, but slightly more expensive.

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