Yesterday,after leaving my PC on standby for a few hrs I cameback to find the powerlight "strobe-ing" is the best way to describe it. Other than the stobe light like flashing I don't see any issues with the computer it seems to be workimg fine. I shut it off for about 5 hrs and just started it back up and its still doing it. Could this be a LED in the button going out? I would appreciate any insights.

Could just be a loose power connector into your mobo / psu. Shouldn't be anything to worry about unless it is too annoying :o)

This could be warning you of possible hardware failures. Please provide your computer's model number, then it is possible to see if that indicates anything.

Typically this would be an indicator of a hardware problem.