In what situation would that be helpful?
If I'm using my iPhone when a notification comes in I'll see it appear at the top of the screen.
If I'm not using my iPhone when a notification comes in I'll see it on the lock screen when I come back.
So this proposed icon is for someone who is neither using nor not using their iPhone. How many people can possibly be described that way? I mean, sure, there's Schrödinger's cat. But he's probably the only one.
As a former Android user, there were things I liked about the Notification Bar/Center.
For instance, it showed me the progress of downloads and when they were done. If I was updating an app, the notification bar showed me an icon indicating that I was downloading an update, then the icon changed to indicate the download was complete. If you actually went into the notification center, it would show a download progress bar for the file(s). I could pull down the notification window, a notice would be there, and I could just tap that to instantly switch to the app I just updated. Same went for songs, videos, docs, or any other file I was downloading and was useful if I either left my phone untouched or if I was actively using my phone.
As for the pulsing light feature, I don't know about you, but if I don't hear my phone beep, I probably won't look at it until I have to use it. If I leave my phone in one room for a long period of time, I don't always check it when I come back, even if it's been hours. The pulsing light was just a gentle reminder that, yeah, someone's trying to reach you. In my Epic 4G's case, a red light signified a text, a blue light signified voicemail, and a magenta light indicated a work email. My friends/family/coworkers/clients know that if it's really important or urgent, they should leave me a voicemail. The fact is, I don't need to check my phone incessantly and if I can look across the room where my phone is and a light isn't going off, then I don't even have to touch my phone. If I saw a blue light, I checked my phone immediately.
Also, on an iPhone, if you unlock the phone, the notifications disappear from your lock screen. Having the icons in the notification bar were just more reminders that you have texts, FB messages, voicemails, etc., and were always present no matter what you're doing. Not 100% necessary, but you get used to just having those notifications there to remind you instead of having to check by swiping through homescreens to see badge notifications or ever having to pulldown the notification center just because. Not everyone needs that kind of reminder, but to each their own.
One thing that I really liked about he notification bar on my Epic (not sure if it was just a Touch Wiz thing), but if I pull it down so the notification window's tab showed, I could slide my finger across the bar to dim or brighten my phone. Pretty convenient when you need just change the brightness in a pinch. I saw that "100 Reasons to Jailbreak" youtube video and I saw some really cool ways iOS could use the notification center. I wish a lot of that stuff was standard.
Anyway, that was a few of the reasons why I liked it. I'm sure some other people had other things they liked about it.