There are various postings on this subjec posted elsewhere but I will try and summarise.
Broadly speaking, LED's are divided into two colour groups
Red, Orange, yellow, yellowish green. These make up the arsenide group. All these LED's operate at voltages well within the remit of a 2 cell torch, with voltages ranging from 1.8V for red and about 2.2V for yellowish-green. All the colours in this series are available as super high bright LED's. The yellowish-green LED's though are less efficient, even though they are popular as LCD and keypad lights in mobile phones. This is probably due to the LED substrate in yellowish-green LED's being less transparent.
The second group are the Nitrides:
Pure Green, Cyan, Blue, purple and white.
The Nitride LED's are comparitively recent additions to the LED spectrum. Recent examples of the nitride LED's are vry efficient indeed! Cyan is interesting, as it 555nm wavelength provokes maximum eye response, therefore any torch or lamp emitting this frequency will light up the environment very brightly. This colour also happens to be the coloyur og the world's most energy-efficient solid state light sources - a double bonus for Cyan.
White LED's are simply blue LED's gooped in a yellow-emitting phosphor, so that some of the LED's output is downconverted to yellow, resulting in white light. The downconversion process isn't 100% efficient so white LED's aren't always as bright as thier monochromatic counterparts. Although much development has gone into the production of white LED torches, the cyans will always outshine them. White is most useful where accurate colour rendering is really important, but must be considered as less bright.