As long as you don't use the old circus-colored lights, either works. LED lights look so much nicer IMO
I tend to think if you have a larger house in a nicer neighborhood, white lights look a little nicer. I have some white LED's on my house (they say white, but it's something like cool white I think) and then I have multicolored lights in the trees and shrubs.
For my tree I used to go with white, but I like the multi-colored a lot more now. Our tree is decorated with older ornaments we inherited from our grandparents, though. The theme-trees look nice, but I like the nostalgia of ours. Every ornament means something to us.