Flashing Lights

I know this is a pretty newbie question. This is my first smartphone. What exactly do the flashing green and blue lights mean? I'm assuming green flashing is for new e-mails? and blue is for new texts or IM notifications?

Thanks

Red is for low battery. Mine has flashed green for all new messages. Not sure about blue.

From what I've read:

Green: New Messages
Red: Low Battery
Blue: Facebook Message

Anyone else have info on the default LED status lights.

I have also read you can customize the LED notification lights too.

also mine flashes blue when i have new IMs

Twidroid flashes blue too..

Some apps have settings to affect the notification lights apparently.

i remmeber on my g1 i was able to customise what color certain apps would blink so that i would know if i had to answer my phone or not lol

WOW! I can't believe I had never noticed the flashing lights (my old HTC was always flashing, so I never paid any attention to the color changes). I feel so silly now.

I love the colored lights, allows me to leave my phone safely in my truck on job sites and then just occasionally peer through the window to check.