Notification light support

I've had various Windows Phone handsets, and three now (all from HTC) have had front LED charge indicators.

However, should Microsoft release an update to enable the HTC 8X/8S and new phones to use the LED to indicate optional app notifications: red for missed call, green for text etc? As far as I'm aware current handsets from HTC display red and green only (not sure if this is a hardware limitation) but perhaps 5 colours with the choice of 5 different applications which can be selected to take advantage of this?

What do you think?