I like LEDs better.
Of course, its a loaded question, as everyone has a SPECIFIC set of examples that THEY use to draw the line used to judge it.
If my incan light is a a surefire P6, and my LED is a Klarus XT11....um, the LED is better in every way.
If my incan is a heavily modified overdriven souped up amp monster, and my LED is a shower head led I got at the check out line at the truck stop, my incan will be better....and so forth.
If "Led" to YOU simply means the weak el cheapo ones at the truck stop, or the DX specials that advertise cold fusion, etc, for a dollar...sure, "Leds have no throw, and are weak, and are blue, etc"
Similarly, if "Incan" to YOU simply means the el cheapo plastic lights you periodically bang on to make them light up again for a bit...then, sure. "Incans have a weak yellow beam and quickly drain your battery and leave you in the dark"
Its a bell curve, and, everyone here's opinion lies on it somewhere.