HD / Freeview TV Standby Light ?

I have just purchased a Goodmans HD Ready 32” Freeview widescreen LCD TV (LD3261HDFVT). And I am very impressed with it however could someone answer a couple of questions for me?

1) The Red standby light. Are these type of sets designed to be left in the Standby mode all the time due to the fact that there is an onboard Freeview Receiver & it may require updates etc?
(Normally an ordinary TV would be taken out of Standby (Red Light Off) overnight or if it was going to be off for a long period of Time)
Normally as well a Freeview Box or Sky Box would be left on all the time.

2) The Standby Light was flashing for half a minute this morning and then went back to permanent. Is this doing a Software check etc?

Can't say why you stdby light was flashing this morning.
However if it were me I'd turn the set off overnight, downloads of new freeview software a fairly rare, you can check for upcoming ones here, Digital TV Group | Retailers and Installers | Engineering Channel Download Schedule

Mind you don't believe all the hype about saving the planet by turning off the TV, modern sets consume less than a watt on standby.