Vertically aligned InGaN/GaN nanorod light emitting diode (LED) arrays were created from planar LED structures using a new top-down fabrication technique consisting of a plasma etch followed by an anisotropic wet etch. The wet etch results in straight, smooth, well-faceted nanorods with controllable diameters and removes the plasma etch damage. 94% of the nanorod LEDs are dislocation-free and a reduced quantum confined Stark effect is observed due to reduced piezoelectric fields. Despite these advantages, the IQE of the nanorod LEDs measured by photoluminescence is comparable to the planar LED, perhaps due to inefficient thermal transport and enhanced nonradiative surface recombination.