I bought the Otterbox Commuter and hated it. Like others have said, the back was way too slick and the fit on it wasn't great. The sleep button was also really hard to press. I did think that it protected the phone well. A few days after getting the Commuter I ordered the Diztronic case that a few others have suggested. Like the commuter, it doesn't have a spot for the notification light but overall I like it more. The top button is much easier to press and I think it fits the phone a lot better. It probably doesn't protect it as much, but since the back isn't nearly as slick its probably a lot less likely that I'll drop it. I didn't have any issue with the existing screen protector unlike someone else who commented with an issue.
If you are looking to drill a hole for the notification light, here are the measurements I took off my phone. I'm confident in them, but of course you should check my work.
Center of notification light to outside of red ring:
http://i.imgur.com/JaA2H.jpg
Center of notification light to center of camera lens:
http://i.imgur.com/6AoyX.jpg
Also, does anyone else have this issue? I had it on both the cases: the speaker grille isn't centered within the cutout.
http://i.imgur.com/gkNA6.jpg