Do you think that this phone could possibly use an LED like the Xperia 10's? I understand that the Xperia users reported that they can get 12 different colors from the LED.
EDIT: After a little research, I found out that the Samsung Eternity and the Samsung Omnia II had notification lights that could turn a wide variety of colors. Also, there was a question at AndroidForums that asked about the color of the notification light. Someone said that they have seen blue, red, and PINK. I also read that by mixing blue and green, you can get pink. If this person has indeed seen pink, than that means there is a green color too! With Red, Green, Blue, you should theoretically be able to make many more colors, but I do not know if that is how an application like Handcent works with the notification light. If it mixes led colors, than we should be able to have full customization of the LED notification light colors.