The long delay after the extended powerdown sounds like the PRAM battery, but also sounds pretty normal. I defer to the experts, but I think there is some kind of extended self-test going on.
The power light issue is somewhat interesting. My old Wallstreet would never show a power light (or charge its main battery or let me use the volume ad brightness buttons. I finally ended up replacing the topcase in order to replace the PMU. (Basically, the light, buttons and PRAM all come togeher in one board located under the wrist rest.) Everything worked great after that.