This feature has been filed as 'wontfix', which I don't understand. The LED is of no use at all: it only blinks when the phone is charging, but there is a charging icon visible on the screen anyway.
They could have just left the LED out and saved some production costs, because the way it is now, it is absolutely useless.
Same goes for the not including calendar entries in the event screen. Luckily chillip developed OrganiserFeed (available on this forum), which makes the device easier to use if you need it for business meetings etc.
Some decisions made by Nokia are hard to understand.

Hopefully this feature will be made possible by a developer. In the mean time, I am going to try MAG's method.