I don't understand how people can seriously defend the iPhone's camera flash as being a legitimate notification light. It's not. (The Motorola/Samsung LED notification lights can be any color you want, FYI.)
The entire point of an LED notification light is that it is subtle and blinks repeatedly or stays lit until you acknowledge the notification. The iPhone camera flash does none of that.
There is not a single good reason why something like this can't/shouldn't/hasn't been implemented:
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YES you are correct its an ALERT light and does not have all the functionality that all the different phone manufacturers might be including in what you are calling a Notification light.
AND there is a Single Good reason it hasnt been implemented, YOU the consumer.
When Focus groups are held and lists are made of features and functionality that consumers would like added, deleted or modified, its just not high on the list.
Neither where:
Larger wider screens.
Extra mechanical buttons.
Rubber grips
Privacy screens (limited viewing angle)
Mechanical keyboards, built in or slide out.
Wrist straps
USB connectors
Video connectors (HDMI)
User expandable memory
Replaceable batteries
Colored indicator lights.
etc. (list intentionally out of order)
Now something might be on the list that is really cool, or a perceived need,
but they are also asked how much extra would you pay for such a feature.
With the amount of push back you are seeing on this thread alone, and its not the first one, you might understand its not very high on the list.
The Camera Alert light function only managed to squeeze in under
ACCESSIBILITY support and was an OS change to implement.
I personally would not mind a true led notification function built into the top of the power on/off sleep button.
It would be tied into the pulsing like custom vibrates and would also be used for charge, low charge indication.
I don't expect to see it anytime soon but as real estate is giving way (like extra microphones) it could slide in to another mechanical change.
Hope springs eternal.