Every Friday night our small crew of friends get together to something we have coined "geekend" – where we spend time either watching movies, playing videogames or ranting and raving about the latest and greatest in anything geek related. This may be movies, videogames, phones, computer or anything else you can think of.

Last night, one of our friends decided to host the party at their house, because they made the investment into an LED television and some new furniture. So like the professional geeks that we are, we had to "break it in" using our short list of Blu-rays including samples of Transformers 1 through 3, Ironman 1 and 2, The Lord of The Rings and… well… we had a couple of others but once we started watching Ironman 2 we couldn't turn it off.

LED technology is truly magnificent, and many don't really know what is going to happen over the next five years, but I can tell you with certainty, it's going to mean a dramatic change in the display platform that will result in the elimination of the LCD and Plasma markets. Let me elaborate.

You see, LED is not a new technology. In fact, it has been around for quite some time – the original reason LED was never developed as a display format was due to an abnormally low lifespan of the blue light compared to the red and green. For those of you who do not know what this means, all TVs are displayed in RGB (Red, Green, Blue) combinations to portray color blends. If one of those colors were to die off, you'd end up with what happens when you try to print in color with only a couple of colors available.

It wasn't until recently that the LED as a display technology became marketable to consumers. Thus, the LED televisions were born. For those of you paying attention, LEDs have really only been in the market for around a year or so. But for those of you paying even closer attention, you will notice 50 inch televisions have already dropped thousands of dollars in a short time span. There is a very important reason for this that manufacturers are not telling you.

You see, since LED is an organic light, the "contrast ratio", or "true black" and "true white" is virtually perfect to the human eye. Thus the picture will always give off an organic light that is natural and more realistic. What this means is a near perfect picture.

Now, LEDs, or "light emitting diodes" are actually self illuminating. Which means they actually require no assistance in displaying a picture. This means no backlights like LCD and therefore, far less power consumption required. In many LED conversions they can consume up to 7 times less power than an LCD on any given day. Say hello to dramatically increased battery life on your devices that require a display.

That LED screen you see on display is paper thin because believe it or not, the screen is not only transparent but it is BENDABLE. The only reason for the outer chassi on your display is to protect the actual body of the screen. But the potential of LEDs suggests rollup, transparent or even foldable screens in the future. Can we say Newspaper and book replacements anyone?

For those of you wondering, LCD technology is already a technology of the past. It's gone, the failure rate in the manufacturing process is simply too high, which is why it took up to 5 years for LCD screens to gain ground in reduced pricing. LEDs will not have this same problem.

So before you decide to rush out an buy a new TV, give yourself a couple more years for 3rd party companies to grab ahold of the LED market – you are going to see a dramatic reduction in display costs across the board – which means great things for us consumers.