I'm using a combination of missed call and handcent. I forget where I made the setting. But. I can have the LED programmed to NOT blink. It's just a solid light. That's sweet for making a quick check to see of there were missed messages.
Them, you can program specific colors per contact. I just look at the phone and see solid pink and know I missed a call or text from my wife - green, boss, and so forth. very handy.