LG Display is touting their 4.5" True HD IPS-LCD display (which does not support Full-HD, mind you, the resolution is 1,280x720). The company posted some slides comparing the HD IPS-LCD display to Samsung's Super AMOLED HD (as used in the Galaxy Nexus and other devices). LG Display says that the LCD is more sharp and clear (due to the Real Stripe matrix vs the Pentile one used in Samsung's AMOLED):
LGD also says that the color accuracy is better in the IPS-LCD:
Regarding the power consumption, LGD says that an OLED consumes the same power as an LCD when the white-level is about 25%-30%. Normal phone operation is 56% white according to LG, and in that situation the OLED consumes 60% more power:
It's not clear to which display they are comparing too - after all Samsung is always improving the efficiency of their OLEDs, to the point that now some say it even consumes less power than an LCD when the screen is 100% white. Of course, it's not clear to which LCD the AMOLED is compared in that test, either.