I'm a relatively new BB user (about 2 months) and I already find myself looking at that light all the time...and yes..once in a while I experience the 'phantom vibration' phenomenon also...
As a BeBuzz-User I see more than the stock red LED... The hole rainbow is represented. In rare cases (my BlackBerry isnt in my hand), my head works like at parkinson�s desease to catch a view... :-)