Cheap TN panel and mediocre build quality.
LED backlighting isn't really special anymore. Maybe in late 2007/early 2008, but with laptops being LED backlit as a standard feature and a few Dell monitors (G2210/G2410) being LED backlit for around that price as well, there's nothing really to write home about.
LEDs have generally better performance over CCFLs in contrast levels and black levels due to the instant on/off nature of the LED, and their highly variable brightness outputs, but on a cheap TN panel, which this monitor is undoubtedly based on, the advantage is largely lost.
TL;DR: call me when they have IPS panels with LED backlighting, 24" 1920x1200 monitors.