I bought the Hisense 40 LED last time it was offered here. I also bought the Hisense 40 LCD TV the time before that.
In short: The LED is pretty bad to the bone for 230 bucks. The picture is clear and bright. Setup easy. Power use is low.
I have some complaints about the LCD that are not transferred to the LED... for example, the heat that comes off the LCD is incredible and there is light that is visible shooting from the corners of the TV when it goes to dark scenes, or, when watching a movie in a picture box. Not so with the LED, it's all good.
The LCD came in 'refurbished' (i.e., new) the LED came in actually refurbished or returned.