But then in 2013 some researchers figured out that actually the camera unit is an entire system-on-a-chip, with a configuration register accessible on an i2c bus, so they could write some malware which first re-configures the camera to ignore the standby signal, and then turn it on...
The paper notes that many camera units have a separate power connection for the CMOS sensor itself, which would be more secure. And I hope later-model macbooks have fixed it. But I guess this shows that it possible to get even seemingly bullet-proof solutions wrong.
https://jscholarship.library.jhu.edu/handle/1774.2/36569
(As a more practical problem, I have also seen suggestions that it's possible to turn on the camera, take a photo, and turn it back off again too quick for the LED to be noticable, and if you do that several times per second you could capture low-frame-rate video without the green light, so even a hardware solution might not be perfectly secure.)