blinking led light

The blinking LED light on phones is always helpful to know when you have an alert on your phone by just looking. but i was watching a video of someone showing off their hero, and i noticed how annoying that blinking led light was blinking so constantly. is there a way to slow down the speed of that light so its not so distracting? and does this light blink when your watching videos? because that also seems like it would be a prob. Now dont get me wrong ppl i love the light , because if your phones in the bottom of your bag and you see a blinking red light its easy to realize you have a messate without even trying. But there has to be some sort of option to slow it down