We report a full color projection display based on a single LCOS panel using LED light sources. We have demonstrated that light output limitation due to polarization conversion can be substantially overcome by the small working F/# of the LCOS panel and LED compatibility with polarization recycling without increasing source etendue. We are presenting key technology developments in light collection optics and driving strategies for an LCOS based projection HDTV. Our demonstrator with currently available LEDs produces more than 40 screen lumens.