Even though devs supposedly don't have official access to the camera LED or notification APIs, that hasn't stopped developer davepermen from giving it a go. The app, White Light, uses your screen as a flashlight but also takes hold of the camera's LED flash, giving you twice the lighting power. Huzzah! Tapping the screen turns it white to black, but keeps the LED on.
We ran that app on on Samsung Focus and as can be seen above, it works like a charm. Not so much on our Dell Venue Pro though. The app is free and ad-free too. We didn't yet try it on HTC only because they already have an official LED flashlight app. Grab it right here in the Marketplace. May only work on Mango devices, but let us know in comments.