TSchwab75,   That is indeed that it means, it when power is present, but is not powered up.    Hope this helps clarify.  
Hello all! Totally generic question.  Could not really find answers in documentation.  Have a T-440 server that is plugged in (2 PSU's) but NOT powered on.  The health indicator lamp is flashing every 1 second or so.  Dox says it is normal in standby mode.  My question ... what is standby mode?  Does this mean plugged in but not powered on? Thanks for your time!Tim
PowerEdge T-440 Health indicator LED