Next up to bat is Streak LED Notification, a beta app for rooted Streaks created by MoDaCo forum member Meltus. It's still a work in progress, so don't mind the typos ("notification" is mispelled in the header and there's an extra "Text" in the second line) and focus instead on the potential. The app puts the device's LEDs to better use and gives them purpose: SMS notifications.
The Streak is one of the only Android phones that doesn't have a visual hardware notification system; other devices have an LED and/or trackball that can be set to flash/blink to notify users of an incoming email, text message, missed call, alarm, or other activity. That's where Streak LED Notification comes in. When an SMS is received, the app will wake the screen and flash the LEDs in one of four patterns; after a short time, the screen will turn off but the Home LED will remain lit until you unlock the Streak. Leave it up to the community to fix/address a company's mistake/design choice!
The app can be purchased for £1.50 in Android Market or downloaded free from the link below.[MoDaCo]