The light on the phone will appear with the newest leak/update when the phone is in off mode where the giant battery shows. In normal operation mode the light will only come on breifly. Other posts have stated that it is also a sign of life light that will appear, noting that it is, alive. Future roms may be able to have the light appear on like on the D1, D3. It looks pretty complicated to enable in our current root access. I do not seeing this rom update coming anywhere in the near future. December, maybe.
I do miss it. There has been a couple times where a switch turns off my outlet, a surge protector has been accidentally turned off, the plug came out, the usb came out, and I did not know. I woke up in the morning with a low battery. These problems, and crappy days, could have been avoided if I saw real quickly the light not coming on. Not cool.