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OLED or Organic Light Emitting Diodes, as they name suggests, they are organic substances using which displays that are orders of magnitude smaller that LCD can be manufactured. They are already starting to appear in many portable devices, and even some concept HD television sets, as they draw much lesser power then even LCDs. However that is not all, they are self illuminating, and thus unlike LCDs do not require a backlight, thus saving in power and space.
A collaboration called OLED100 has formed for the advancement OLED technology, and research in this field is actively being pursued. Over time they hope to produce larger, and longer lasting variants of the 12’’ model developed by Philips.
This use of OLED is still far away, as the process is still complicated and expensive. However over time they hope we can have windows that appear completely transparent in the daytime, and light up at night to illuminate your home.