[ame=http://www.youtube.com/watch?v=xLDHtSIAZ7c]YouTube - ‪LED Flash Alerts For Missed Calls With MissedReminder For iPhone - iOS Vlog 452‬‏[/ame]
Another feature from iOS 5 has been brought over to iOS 4 via Jailbreak. MissedReminder works on all iPhones but if you have the iPhone 4, you can take advantage of the LED Flash feature. When you have a missed call on your device, you can set the amount of time an LED Flash reminder shows up along with other options. So if you are using an older device, you are just going to have to stick with the missed call alerts without flash. MissedReminder can be found in Cydia for $.99.