LED modules are disclosed having a control MOSFET, or other transistor, in series with an LED. In one embodiment, a MOSFET wafer is bonded to an LED wafer and singulated to form thousands of active 3-terminal LED modules with the same footprint as a single LED. Despite the different forward voltages of red, green, and blue LEDs, RGB modules may be connected in parallel and their control voltages staggered at 60 Hz or greater to generate a single perceived color, such as white. The RGB modules may be connected in a panel for general illumination or for a color display. A single dielectric layer in a panel may encapsulate all the RGB modules to form a compact and inexpensive panel. Various addressing techniques are described for both a color display and a lighting panel. Various circuits are described for reducing the sensitivity of the LED to variations in input voltage.