LED Panels are a convenient, low power, low heat light source. They are ideal for mobile situations and studio work.
Personally, I think the light emitted from LEDs lacks punch and makes models look very doll like, even when using the high power types but this is only my opinion and I use them when required.
LEDs can be floor or grid mounted and some models fit right on top of the camera, hence the convenience.
Units come in various sizes and wattages. They are available as panels or spotlights equivalent to a Fresnel Lens Spotlight.
One thing that makes modern LED lights very versatile is on some units the user can adjust the colour temperature from below tungsten to above daylight. Some can even maintain the set colour temperature while being dimmed. On more elaborate units, the colour can be set to any colour of the spectrum EG: red, blue, green, purple, yellow and more.