Apple has approved a few new Apps for the App Store that allow for you to use the LED as a flashlight. Some are surprised by this, but it may not be a huge deal, because the capability was already built in, almost unintentionally.
While there are Apps you can use some cost a bit, while others are free, it's also possible to simply set your iPhone to video. After that, just turn on enable light. Tada! Now you have a flashlight on your iPhone that you may not have even realized you had. Isn't technology wonderful?