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These come from Universal Display's (PANL) website.

An OLED is an electronic device made by placing a series of organic thin films between two conductors. When the current is applied, a bright light is emitted. OLEDs are lightweight, durable, power efficient and ideal for portable applications. OLEDs have fewer process steps and also use both fewer and lower-cost materials than LCD displays. Universal Display believes that OLEDs will replace the current technology and have the following performance advantages over LCDs: greater brightness, faster response time for full motion video, fuller viewing angles, lighter weight, greater environmental durability, more power efficiency and broader operating temperature ranges.

This page highlights numerous advantages of the technology over LCDS (assuming they can perfect them).

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