I have an early sample IJ with the Jackpot light board and just installed the color LED display last night. It fits perfectly and seamlessly as it is the same size as the regular dmd. No additional hardware is required even if you have the jackpot light board.
Now in terms of preference, I also have a color LCD in my TAFG and MB.
The color LED display on my IJ seems considerably brighter and more vibrant. It has really beautiful colors on the animations and the scoring has a graduated, almost 'rainbowish' look to them. Pretty cool in my opinion.
For MB and particularly TAF, I think I prefer the LCD at this point for these titles as the themes seem to suit the less vibrant dots.
In the end, it may just come down to personal preference. I think both the color LED and LCD screens have awesome colourized dots.