I loved the notification light, I had mine programmed to have different colors correspond to different types of notifications and it would buzz at me in response to being picked up as well if I'd missed a call or text.
I got an app called Always On Edge where you can do literally just that and you can also choose for the entire edge to flash or glow or keep the old virtual dot, change the colors and interactions based on which app it was, and more.
I use AODnotify to effectively do the same thing. It animates a ring around either the display (when the screen is "off"), or the camera cutout when it's on.