One thing to keep in mind, LED TVs are LCD TVs. They just use a different type of back lighting than conventional LCD TV's Traditionally, LCD TVs are lit using CFLs (Compact Florescent Lights). Most commonly found in the new energy efficient coil light bulbs you can find at the hardware store.
LED's use LCD Panels, but instead of using CFLs as a back light, it uses LEDs. Even within LED LCD TV's, there are two flavors: Local Dimming and Edge Lit. Edge LED's are very thin, about a few centimeters. They use special techniques to bend light on the back of the TV to produce the back light. Local Dimming LED TV's are a bit thicker, but produce a much greater contrast ratio than the Edge Lit LEDs and CFLs.
No to the Pros of LED TV's. They don't get as hot. Edge Lit ones are much thinner. They have a much better picture since they usually uses high end LCD panels. The Local Dimming screens produce better color and contrast ratio due to the local LED's shutting off.
Now the cons. Price. They are currently the top end of the TV maket as far as price goes. Local Dimming LEDs can produce a so called "Blooming" effect. This comes when there is a bright object next to a very dark object.
There are many more pro's than con's. The question is this, do want a better picture or a bigger screen with more features? And does the thickness matter. That is the question. If I had the cash, I would say go for the LED's.