yeah it's weird. as far as I can tell, when you flip it, the yellow leds inside the red receiver part, light up. I'm not sure if it serves a function or if it's just for asethetics.
oh, and I found someone else with an asus tv tuner... are you using the powervcrII that came with? Mine acts funny when I set it to record something, the computer won't wake itself up to start recording. Anyway, it might just be my powersaving settings, I had standby turned off, but I had the harddrive and monitor set to turn off after a certain time.