There are huge differences!

LEDs emit very little heat so they are much cheaper to run.

LEDs are very efficient and consume nearly 90% less energy than incandescents. Also they last much longer so long term you pay much less in maintenance costs.

LEDs are solid state devices which do not use fragile materials like filaments, so they can handle shock, high termperature, falls and vibrations.

LEDs can also produce pure colours like red, green and blue, as well as various white colour termperature. Incandescents traditionally used filters which made them inefficient as filters remove part of the light.

Once of the things I most love about LEDs is that they are very eco friendly! 

Also, LEDs produce light at 100% the minute they are swicthed on - there is no warm up time.

Also, LEDs can work with very low voltage making them much safer.

LEDs are waterproof and they do not flicker.

LEDs can be put on to platforms like strip lights, providing an ability to illuminate that was simpy impossible with incandescent lights.