The sole purpose of the LED is to let us know that the unit has power. There have been a few cases of it now displaying Red and not the expected Green with no hindrance to the devices operation nor the software we have running on the device.
If the LED begins to flicker while it is Red this can indicate a PSU (Power Supply Unit) going faulty and replacing the PSU clears that up. You can try to swap a PSU from a device that displays a Green LED with the one displayign a Red LED see if this changes the color of the LED on the one displaying Red one, then see if the one that was Green is now Red. If so then I would look to replacing the PSU for the device.