What needs to happen to satisfy everyone is the active notification needs to go through different colors. In other words, if you have a new text message, an email and a voicemail. As it lights up it lights up in green, fades to red and as it's fading out it's blue. That way everyone would be happy. It would be "similar" to a traditional notification light but also incorporate the new technology with it.
I think it could be possible to write an app that replaces the stock app but you would lose some of the battery benefit with it being black and white.
If you are listening Light Flow creator, there is a market here if you want to explore it.