Not the same thing.
I miss the blinking light, too. Ironically due to moving from an android device that had it (in many colors, too!) to one that doesn't have one (samsung galaxy).
Setting a recurring sound is no substitute.
It pisses co-workers off when you leave it on a desk. And it pisses yourself off when you have to get up at night to shut the damn thing up.
On-screen notifications are no substitute either because, well, you have to activate the screen to see it.
