front indicator light not flashing; otherwise fine

The status of the light tells you about the sleep status of the MacBook:

1. Not glowing -- the MacBook is awake or powered down. (The difference is usually obvious: when awake the screen is lit.)

2. Glowing steadily: either the screen (only) is asleep or the drive is spinning down as the MacBook prepares to go into full sleep mode.

3. Pulsing: the MacBook is asleep, the drive has spun down & its heads are "parked," putting it in its most shock-resistant state.

According to the manual, you should not move the MacBook until the light starts pulsing. I assume this is because it hasn't engaged the sudden motion sensor yet to protect the drive from strong bumps that could otherwise cause a head crash & possible data loss.