Coral Frags and what makes them *LE*

[Jason McK]

We have all heard the term LE before. Many people use the term to promote frag sales or describe a special piece they have in their tanks.
But what is the term really mean. Who makes the distinction and should it be a term held in high regard.

I for one have no problem asking high prices for pieces I consider "high end" or displaying above average colouration but I do not believe I have, in all seriousness, called something LE.

Is LE bunk or just another way to classify a priced piece?