Here are all the LED lights if you are not on the newer (Firmware 0.5.974 or higher) firmware update:
Photo: One-click - WHITE LED
Video: Long-press - WHITE LED blinks once and then continues until the hardware button is pressed again
Unpair: 3-seconds long-press, do not lift your finger until you see a BLUE LED light (if it is done on the charger is violet: Blue+Red). Once it is blue, release the button and 2 once more times quickly to unpair. The user has a few seconds to do that.
Shut Down - after about 8 seconds from pushing the button; the BLUE light will turn to blink ORANGE LED - at this point, release the button for shut down.
Charging: Outward (World) facing RED LED will show up while charging on the charger. When the battery is full the RED light will turn off.
Low battery/memory full: intermediate RED LED pulse
Transferring data over Wifi: intermediate BLUE LED pulse
Please note: If you are on the newer Firmware 0.5.974 (or higher) only the below LED light colors and patterns changed (all else stayed the same as noted above):
New LED pattern for Video Recording - User will see for the first second a White LED and then Green blinking LED
New LED pattern during WiFi Activity - User will see a faster Blue blinking LED