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I wasn't going to try to 'one-up' the wizards here, but here's the deepest inside information on LEDs.
ALL LEDs for a bus installation on the exterior operate at 1.5 volts. They are very sensitive to voltage fluctuation. Therefore, they must be fitted with the exact amount of resistance to work properly.
Can't give all the info out at once, y'know.
Generally an LED assembly has the electronics to regulate voltage. I have seen some LEDs listed for use on 12 to 24 volts (nominal).
One consideration before changing to LEDs is to determine if your cruise control will function as it should. Some cruise controls need to sense the current draw of the brake lights to disable the cruise when you touch the brakes. LEDs, compared to normal filament type bulbs draw so little current the cruise control will not function properly unless a resistor is added to the circuit to simulate the current draw of the original brake lights.
LEDs are really neat because they light instantly, and theoretically they last for 100 years. That makes them an upgrade worth considering, but I would have to replace a whole lot of $.70 light bulbs before I justify the cost of new LED lights or the drop in LED "bulbs" that directly replace the conventional bulbs.
Our company has been using LEDs for about 10 years to light site numbers on electrical boxes (for campground sites). We are starting to see failures of the LEDs, not because the LEDs are failing, but because the small circuit boards are failing.