No there really shouldnt be much of a performance change just the nice features of being able to run linux etc and other really awesome apps (check out XBMC) , Emulators, and be able to sit on the couch without getting up resetting and picking new games.. but the games wont be quicker playing or anything.. they do sometimes load quicker but thats about it.. i hope this helped a little.. welcome to the scene

EDIT: oh and about the led stuf one light should be on on the chip which you can change through your XOS options, so you might have turned it off without realising otherwise maybe the chip is faulty but if it boots evox or other apps the chip is working it just might have a bad connection to the led or something strange! first, check your XOS (xenium OS) settings!