Notifications....
I had the blinking light on my PocketPC and my WindowsMobile devices and it really did nothing for me. With WP7 all I have to do is push the standby button and the lockscreen shows me icons for phone calls, texts, and any of my email accounts that have outstanding items---I immediately know, without unlocking, what I have waiting for me.
Now, I do think, along the lines of what some have mentioned, having a consolidated notification list would be helpful. I think the update to the ME tile goes part way there---the flipside of the tile tells you how many notifications you had BUT they only cover new (not necessarily all previously unread) notifications from the INTEGRATED features (WindowsLive, Facebook, Twitter, LinkedIn, etc.). This seems like the ideal spot to expand consolidation of notices.