jdbnsn: careful googling about LEDs over 1/2 the stuff I've seen on LEDs is flat out wrong. This article is 100% correct I have a few posts with this same info in it on this board.
xmastree:You stole my story I been writing a larger and longer article on LEDs on and off for a bit, though I will still finish it I got some cool animations and what not I made for it. I've been too busy with school and work to finish it. :/
I'd like to add the following:
LED's aren’t the same as normal diodes as their reverse breakdown voltage is WAY lower (which can cause problems though we electronic engineers normally just put a Si, or Ge if need be, diode in series to prevent damage to a LED.)