I dint know how cool a blue LED looks till I bought my bluetooth headset. Anyways, red notification sucks and I couldn't change the color of LED from red. Now I found LED Notifier, an app that not only changes the color of your led notification, but you can set different color for different people. If Mr. X calls, it blinks green, for Miss Y it blinks blue.
I just dont need to pull my BB out of the holster that often now. Great app....