For places where the new LED display fits where the old ones didn't (CV) it's a no brainer. Otherwise I think it's just a personal preference, and I would argue it's even about the particular title. Neither looks "better", just different.
I love my LCD CDMD displays in my games, but I kinda wish my Tron had the new LED look instead, that's a game where I miss the more bright and piercing feel of the original dots. LCD looks great, but doesn't have the same glowing brightness, and Tron fits that look. Alternately though I'm not sure I would want to swap on say Shadow, where the LCD fits the art and feel of the game I think.
If I had to sum up the key difference I'd say LCD has a little more clarity, LED has more punch.
Either way you can't lose, ColorDMD support is second to none.