Damm! I also have Super-Human Powers! And my whife! And our son! And the cat (no, we do not have one, but if we had, it wouldl!)
We both see it, by changing batteries, on our both Pre3. And it is different from the IR faint light you can see sometimes (depending on light conditions, inclination, mood, etc).
IMHO, it is a bug. Probably, at start up, the circuits get more energy than they really need. This makes that the IR-LED get more current (or voltage) than it needs, thus lightning up (nearly burning, in my opinion).
I mean, if you haven't saw it, you will not understand. It is plain red, seems to be, really, a power indicator LED. In fact, can be that there is a second LED, or a double LED (with more colours). Like someone said here before, we do not know what components PALM/HP is using, and worst, what they get for what they paid for!
Perhaps was a second type or kind of notification, who knows? In any case, I was happier when I though I had Super-Human Powers! Or just a kind of! :-) :-)))