XD, i thought you were talking about the security LED mounted on the later webcams, on the purpose to alert the use of the webcam on the fight against spyware
going back to the topic, i would mount the leds since theres a PWM control so activate it when you want it and shut it off when not, just that simple, but that mod would be more towards the good looking instead of being usefull.
something that can be done for less than 2-3USD, why not?
or maybe using it as an Extra peripheral linked to a "new ______ in your RSSFeed/News/Post/Board/Mail/..."