My previous camera had the one LED that was on/off and I never had a problem with it. When I first plugged it in I would insure that the light was on and then I'd just leave it alone until the light was off. I tend to charge my batteries though in an area of the room where it won't be disturbed and likely to accidently get unplugged or whatever.

I see your point but I'd still prefer one LED that was on/off than the LED that's red/green which I can't tell the difference between at all. They just had to use the two colors that make up the most common form of color blindness . . .