Pros of an LED: Uses less power, brighter (in general), longer "life" before fading out in comparison to CCFL (which is still a long long time) and "instant" full brightness...
Pros of CCFL: Cheaper and there are more choices since not many have adopted LED yet.
My Macbook's screen is LED, and my Dell Ultrasharp's screen is CCFL, and the backlight doesn't really have much to do with how the screen looks or anything, since all it is, is a backlight, nothing more. That said, my Dell is brighter at 20% than my macbook at full, even though it is CCFL, and obviously since it has a better panel than the macbook (PVA vs. TN), it looks a ton better.
LED makes sense in notebooks since they use less power while on battery, but in a desktop monitor, it doesn't matter. Not to me anyway.