I found this really annoying, so after a bit of Googling this is what I did to change the LED behavior.
Open up terminal
$ sudo gedit /etc/modprobe.d/iwlwifi.conf
Added the last line below to the end of the file:
# /etc/modprobe.d/iwlwifi.conf
# iwlwifi will dyamically load either iwldvm or iwlmvm depending on the
# microcode file installed on the system. When removing iwlwifi, first
# remove the iwl?vm module and then iwlwifi.
remove iwlwifi \
(/sbin/lsmod | grep -o -e ^iwlmvm -e ^iwldvm -e ^iwlwifi | xargs /sbin/rmmod) \
&& /sbin/modprobe -r mac80211
options iwlwifi led_mode=1
and saved the file..
After a reboot the LED is still there to show that Wi-Fi is on, but the blinking has stopped.
~~~sigh~~~
