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Article: Light Flow Updated For Android
I've been using the free version to customize LED blink colors on my Galaxy Nexus, and it's pretty decent. It installs itself as an accessibility service in order to get access to notification contents, so it will have a relatively expansive view of your data, but the permissions don't include free network access (with the usual caveat of browser intent paths).
It would be nice if the app enabled you to configure notifications by example, i.e. taking a currently active notification as a template (either by application package name, and/or some searches on context), and support a catch-all. I think this would cannibalize the sale of their premium application though.
Well put Thyth. Couldn´t agree more. I did use the lite version on the Nexus as well (when I had it) and I was quite happy with the (few, but enough) different alerts. Useful too.