An LED diode is a semiconductor diode that emits light when an electrical current passes through it1 (a diode is a two terminal device where electricity flows in one direction2). An LED diode does not have any filaments (very fine fibers); and it does not have any moving parts, which makes it a solid state device. Solid state devices are an excellent choice for warning lights because there are no moving parts to break.
When you think of light, you may think of Thomas Edison and his search for the perfect filament that would generate bright, long-lasting light.
Well, stop! LEDs create light in an entirely different way than halogen and incandescent lights would. These lighting methods involve heating up a fragile filament until it radiates light, which wastes a ton of energy through the heat being radiated. Its just not efficient, which is why halogen and strobe warning lights draw so many amps from your vehicles electrical system, which then causes wear and tear on your alternator.
LEDs on the other hand are highly efficient: they convert electrical current directly into light, eliminating that wasted energy that halogen and strobes put out by heating the filament. LED units have extremely low amp draw because of that efficiency. The semiconductor crystal chip, the diode, when activated by a low electrical current, produces a precise wavelength of light.
This precise wavelength of light can be green, amber, red, blue or clear. Unlike strobe and halogen lamps, LED light does not need to be colored by filters or lenses making it very useful in stealth situations.
LEDs may be a bit more expensive up front. However, for the intense warning light that you are getting, for the long-lasting (roughly 100,000 hours) nature of each diode (as opposed to halogen or strobes, which you may replace on a monthly or even weekly basis), and for the compact design, they're well worth it.