What is the difference sonically between a clipping stage that uses LEDs and one that uses diodes?
The best way to learn this is to build a clipping effect and sub in different diodes.
Isn't the answer to this in the FAQ?
To serve it to you on a silver plate (a very small one though), an LED has about 1V of forward voltage, whereas a diode has one of about 0.7V, thus resulting in louder and cleaner sound.
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Jimbo
Welcome to the forum. :)
Here's the diode section of the FAQ, (http://www.diystompboxes.com/wiki/index.php?title=DIY_FAQ#DIODES) and here are two articles by Mark Hammer on the characteristics and applications of Ge and Si diodes:
http://www.diystompboxes.com/pedals/mhdistort.html
http://www.diystompboxes.com/pedals/diodes.html
The same ideas apply to LEDs.