I stumbled upon a youtube clip after searching on google (using my DROID) that gave a video review of 2 LED light apps for the DROID. One was the common paid app for 99 cents we all know about, but then he reviewed a better and free app called MotoTorch.
It is completely free on the Market, although there is a donate version (which is exactly the same as the free one) for people who want to give the guy a buck. I'm personally considering buying it, since he was so nice to make a free one for all of us to use...and its better than the paid one!
It can turn your LED light on/off as you desire, strobe (a repeating blink pattern) and supports morse code (you type a message and it blinks the message using the LED light in morse code).
It also has a widget that you can place on your home screen to easily toggle the light on and off, excellent!
While the above features are a nice bonus, the real prize is being able to turn the LED light on while recording videos in the dark now!
It really is a shame that the phone doesn't come with an LED option for video recording. You would think that would be obvious? Anyway, thanks to the wonderful world of apps, we don't have to wait for Google, Verizon or whoever to give us this basic and much needed feature.
Enjoy everyone, and consider donating if you can!
WARNING: Frequent use of the LED light may result in a shorter life span of the LED light. I honestly don't think it should be a big problem if you plan on getting a new phone every 2 years (it should at least last that long). My last phone had a light on the back and it never died (and i used it all the time for video recording). I just wanted to let everyone know that. Also, the most likely reason it is not as bright as the "camera flash" is because leaving the LED light on for a long period of time at that brightness level would probably damage it. Since the camera only flashes for a second at that high brightness, its alright.
PS: feel free to edit my post with a QR code to make it easy to find the app in the market. I don't know how to make one and I'm a bit lazy right now, so just spend the 5 seconds to search for it