LED shows the charge level, On-Off and Level of assist selection.
LCD has lots of features and settings including:
Speed, Distance, Time, ODO, Charge, level of assist, battery Voltage, real time power, ambient temperature, security password, cruise control, back lighted, headlight control, power limit setting, speed limit setting, etc.
One important advantage of the LCD version is that the system has a diagnostic feature which shows the error code in case of a failure. That makes it much easier for you and us to resolve the technical problems while installation or operation.