Can't believe there are people arguing against the inclusion of an LED, it's an illogical argument to say you don't want something that has almost zero negatives. It just makes life so much more efficient to have your phone tell you when you need to look at it.
For example: your phone is on the desk, you go for a piss, you return and two things could happen,
A) There is an LED on the phone, it's flashing, since you left you've recieved some form of message, be it text, iMessage or Email.
B) There's no LED, you've no idea if you've received a notification, you can either sit down and potentially miss the message or you manually click the home button to check. I know some will argue that checking each time you're briefly away from your phone isn't a hassle but it makes things so much easier and efficient.