This is so ridiculous it's not worth talking about. The chances of snooping due to the console being hacked are slightly higher, but where are all the people complaining that most laptops, tablets, and phones (which generally have significantly less software security) have built-in software controlled cameras and microphones? Laptops usually have indicator lights for cameras, but not microphones, and the other two have no indicators and follow you wherever you go.
But doesn't that just mean you have to trust the light? I mean this does indeed seem rather ridiculous. If you're really that paranoid, a piece of masking tape will solve your problem.
This problem is solved by having the power to the camera hardwired to the light. If the camera is on the light will be on, well until the led burns out but that takes a while.
Last I checked and my model of macbook has this but I do not know how common it is over all.
I do not think this is common practice for microphones and it seems like it should be.
There are many places where you have to leave your cell phone by the door before entering.
I also expect that if video/audio are being saved or else transmitted to Microsoft/NSA or else being dynamically analyzed using the latest wank-detection algorithms, then someone will detect this by the resource usage.