im not sure about the front of the phone, i would assume that it will. But I did see one on the rear of the phone. If your looking at the back camera, to the right of the cam is the flash and to the left of the cam is a LED notification light. Its flashing on a cnet review video of youtube.
Yes, but they're small and usually embedded in the speaker grille and thus hard to see. In contrast, the razr hd line has a serious notification light. It's glorious.