LEDs give you colors and light shows.
Regular lights give you one color.
LEDs use about 75 watts.
Regular lights use 300 to 500 watts.
LEDs never need bulb changes. They have very long MTBFs.
Regular lights need bulbs and gaskets and some know how. Bulbs can go at any time. Being 300 to 500 watts, they get hot in the fixture even though the glass lens and metal shell is cooled by the pool water. Heat kills components.
LEDs, when using colors, don't put out as many lumens, the common measure of how much light is emitted.
Regular lights, while brighter, often are glaring to swimmers and people around the pool at night.
I would suggest, if you can afford it, two LEDs. This will provide an even glow. They aren't cheap but doing it right the 1st time vs. the Coulda Woulda, Shoulda feeling later is there as long as you own the home.
Scott