Due to how the LED works to produce light, its efficiency is not affected by size and shape. It also has a much higher light to wattage ratio. An LED can produce more light per unit power than both fluorescent and incandescent.
LEDs can be very small, as little as 2 mm2. This allows them to easily fit onto circuit boards.
With quick on/off times and the way light is produced, LEDs are the best option for any applications that require frequent cycling. Unlike fluorescent lights, LEDs are not affected by frequent cycling.
LEDs are unique in the way that waste energy is used. Where as most light sources radiate heat via infrared radiation, an LED will disperse the minimal wasted energy as heat through its base.
An LED has a far longer lifetime than both a fluorescent and an incandescent bulb. LEDs have a useful lifetime of up to 50,000 hours while a fluorescent is only rated for 10,000-15,000 hours and an incandescent is rated for a mere 1,000-2,000 hours.
An LED does not need a filter to produce a specific color. This is achieved by variations in the semiconductor materials. Eliminating the need for filters reduces initial cost and is more efficient.
The typical red LED used in brake lights arrives at full brightness in less than a microsecond. This is half a second faster than incandescent. The LEDs used in communication devices can achieve full brightness in even less time.
LEDs can be dimmed easily by reducing the electric current flowing forward.
An incandescent bulb will spontaneously fail, or burnout. An LED has no filament to burn out and fails by gradual dimming. This provides a warning that it is time for it to be replaced.
Due to the fact that the LED is comprised of solid components instead of gas, it can withstand far more external shock than a fluorescent or an incandescent light bulb, both of which are fragile.