There's a whole thread about the LCD vs LED debate. I have a 'tallica with a color LED display and a TWD with a color LCD display. They both do the job, but have their strengths and weaknesses. First off, if it's got the metal backbox, installing the LCD display requires more effort because of the size of the bezel. There will be a gap between the LCD and the speaker panel that needs to be blacked out with some kind of trim, or electrical tape. The LCD also becomes slightly washed out at off angles, so it looks better for the player than it does for spectators. The key advantage is that the images on the LCD display can be set to display larger dots, squared dots, or even upscaled to create smooth images instead of just dots.
The LED display fits right in where the original red display sits, so it's easier to install and there is no gap. The downside is that you can't change the appearance of the dots on the LED display and there is no upscaling options. It is basically like the original Stern display, but with color dots. This means it looks the same at off angles as it does for the player and contrast is much better with true blacks in the image. So it comes down to whether you want to be able to change the appearance of your dots and how important contrast and viewing angle is to you. It really comes down to personal preference.