Really? Does the throbbing light tell me WHAT was missed? Because the screen saver does. It'll tell me if it's locked, if it's a txt message, if it's a call, etc, because it stacks up little icons under the bar.
I'm willing to bet that with the throbbing light, I would have to actually push the button in order to find out what the event is. Which is less useful than the screen saver.