LOL, Light Flow is the premiere notification app, IMO.
Regarding the app name, Andrew P. Moore first created this app for, I believe, his Nexus device which had (has?
) a trackball which lights-up:
[APP]-Light Flow - successive trackball colors - no root - works on gingerbread - xda-developers
So, I'm guessing that's where the name originated from (I can email him if you really want to know
He's also a member here at AndroidForums and is an awesome developer who is very responsive to his users.