As some commenters pointed out, this is basically slowly adding a real RGB led panel behind the LCD, or an OLED with extra steps. I could not see prices but I would expect this to be significantly cheaper, or maybe the refresh rate is much better than OLED.
The advantage is, it's cheaper, can provide better color accuracy, and won't burn in as bad as OLED since LEDs have much longer lifespan w.r.t. OLEDs.
I still can't accept to use OLEDs in TVs and computer screens. Both has much higher duty cycles w.r.t. phones and tablets, and I hate burn-in.