If it was so useless why is it on many computers... even (apple) laptops where one would be opening and closing the lid anyway? So obviously it serves a purpose.
It doesnt have to be very bright. The camera green light could potentially serve this purpose w/ an option to turn it off for those sensitive to light.
Omitting it all together is ridiculous imo
There are lots of things that it would be ridiculous to omit. Say, a Firewire 800 port, ODD, VESA mount, Audio In port... All things that are somewhat more useful than a blinking light. Now maybe if it was Red, and said things like "I'm sorry Dave, I'm afraid I can't do that." Then I might
Think Differently! 
There never was an option to disable it. I kind of doubt Apple would spend the money to put in a relatively useless part, then more money to have someone write code to turn off the useless part. Trying to double duty the camera indicator light could cause all kinds of issues, such as making people think the camera is on (real smart for those changing clothes in their bedroom) or open it up to security flaws where hackers might have an easier time turning the light off while the camera is on. Again, camera on without your knowledge.
Just select make the on off button "wake from sleep" when pressed option in the preferences. That way if you accidentally hit the on off button and it's in sleep mode, it wakes it up. If the computer is off, then it turns it on.
I use my imac in my bedroom and certainly don't need a light on it. What was the last imac to have a sleep lamp? My 2008 didn't have one.
I'd swear my in-laws is a 2008, and it has one. They ordered theirs during the back to school deal and ended up with a first gen iPod Touch (second gen came out September 2008. When did the Early 2008 iMac come out.
