The LEDs are used when you have an awaiting IM at least. By default it will use the LED signals regularly to tell that the device is "On", and this is not battery friendly. It gets friendlier if you have root access and edit /etc/mce.ini and at least disable the "DeviceOn" pattern.

Replace the DeviceOn Patttern with:
PatternDeviceOn=255;0;0;0;0;0

So it won't be preventing standby and draining your battery. Of course you have to be careful editing the mce.ini file, because if you make a mistake then the device probably won't boot (I didn't try with a broken mce.ini file) and then you'll have to reflash the firmware.