I don’t know. This LED has one function: telling you the device is still on when the monitor isn’t. That’s all it does. It’s obvious that the device is on when the monitor is on, so you don’t need a LED for that (ThinkPads really do have a frickin’ LED for that! As does my cheap Compaq.).
Putting a LED at a visible location and making it invisible as long as it is off seems like a pretty elegant solution to that problem. I don’t think it’s harder to figure out the sleep light than this whole row of LEDs on my old ThinkPad with their cryptic pictograms or the dazzling array of blinkenlights on my cheap Compaq laptop (complete with equally puzzling pictograms and including LEDs which light up in different colors so you presumably have to learn a whole color code).
Macs in general only opt for LEDs when displaying stuff in the UI is not possible (sleep light and battery indicator for checking battery status when the Mac is off), one exception being that darned caps lock. Spotlight’s icon pulses when your HDD is indexed. There are progress bars when stuff is unzipped or copied. Why the need for a HDD activity LED?
That’s a bit dishonest of me. There is multitasking, so stuff might be going on in the background, but I do think that in general it’s good to strive for a world in which we don’t need HDD activity LEDs. I also think we are pretty much there, I, at least, didn’t miss it. (Although not knowing why my good old desktop PC didn’t respond in 1998 because they decided to leave out the HDD activity light would have been pretty horrible. But that was then :)