OLED and LED

The Flying Potato

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Whats the difference between the two? I know LED is essentialy LCD with LED lights replacing flourecent ones but dont have a clue about OLED?
 
OLED screens don't need to be backlit, cost a 100X more, have worse picture quality and are extremely thin.
 
Apart from the picture quality, mostly you were, but you must be bored bumping a thread such as this. OLED screens emit their own light as a CRT or a Plasma do, so you were correct there. Nobody is seriously making production quality large TVs with OLED in any case, it's still a work in progress.