This would be cool, so long as it also worked like a notification light. All design features must have a functional purpose.
I would like to see the return of the "sleeping screen" as a Nokia branded app, but it's important to have customer choice so there should still be a versatile LED as well.
However, the OP is about an illuminated Nokia logo, which would be a great addition regardless of LED or glance screen!
nice ideas...however is must to be taken into account battery drain....that feature could affect negatively battery performance which is essential in a phone...so a feature like that first has to have a purpose, not just a good looking ad on