What for ? In old days and flip phones the LED was ok as additional signal. These days we have a huge retina-(LED) display showing all kind of information/notification.
Don't miss that little flashy LED. And soon we can wrap a watch around our wrists. But that's just me. YMMV.
Yet when apple does it, will you be praising them?
Many people here argued that a screen larger than 3.5 and then 4in was pointless. The range of motion for a thumb was perfect for that size and Apple made a point to state that in how they sized the screen the way they did. Now that the iPhone is substantially larger, the logic behind that is seemingly ignored and I for one, am amused by the turn face of that stance.