The differences you might notice more are in how the projector is being used, and it's in the technology itself and how it's made. An LCD beamer is popular because of the image creation and the accurate colour display. Such projectors can offer a bright and very good image projection quality. But the best effect is in dark rooms, like with almost all beamers that have a reasonable price. This makes an LCD beamer perfect for a home cinema, presentations or movie nights on the go.
Now an LED projector has a major advantage of having a longer-lasting light source. Most beamers can 'survive' 50,000 hours, while an LED projector can go more to the 100,000 (not always, so make sure to check the specifications of your LED beamer). Lamps are very difficult to replace, so if you're looking for an expensive beamer, keep the lamplife specification in mind. If you have 50,000 hours, however, you can still watch almost 25,000 movies of 2 hours long!
LED projectors are more compact and energy efficient as well. They are also easier to carry and good to use in multiple rooms, perfect for flexibility. Most modern mini beamers have this technology. There are also a lot of mini beamers that use an LCD projection technology and an LED lamp combination. This makes the beamer have the best of both worlds.
Brightness can also be different depending on the model. This is another specification to keep in mind, ANSI Lumen. Your beamer might have a good projection technology and lamp, but the brightness determines how good the projection quality is in the end. You might have the right technology, but if your brightness is too low, it shows. For the best image quality, always check the brightness, resolution and lamp technology of your desired projector.
If you're just looking for a good beamer for home use, some movie nights or just flexibility & portability, then an LED beamer is the practical choice. But don't worry, most LCD mini beamers (such as ours) have LCD projection technology and an LED lamp for the best of both worlds. You have the best projection technology while also having the perfect colour performance.
In short: LCD mainly explains how the image is created, while LED mainly explains how the image is lit. Understanding this difference makes it much easier to choose the right projector. The difference is only minimal, and you also need to keep brightness in mind.