Wow! No takers on this subject? Well, I just upgraded to the new version and it is so far, almost perfect. The app does exactly what it says it will do, and doesn't seem to be affecting memory at all. You can customize your LED alerts individually for your contacts, which is really cool IMHO.
The only thing I can think of that would make this app better would be to have a separate LED flash for unknown or blocked calls. I can live without that, though.
Being able to set the LED to flash indefinitely is a good feature for me, as many times during the day, I have my device on my toolbox at work, so it doesn't get damaged. Having the LED keep flashing until you cancel it makes it possible to not have to keep checking for missed alerts, etc. All you have to do is look in the direction of your device (as long as you can see the LED from where you are), and you'll know without going all the way over to it. This also makes it possible to silence your ringtones and still know who is calling, texting, MMSing or whatever, all at a glance.
Two thumbs up on this, (if I had more thumbs, they'd be up also...)
Have you ever wondered why things intended to make our lives simpler keep getting more complicated to use?