Blinking light?

I recently bought the 1tb My Book Elite.  

I’m running it through time machine, not through the WD Smartware CD.  Everything was working fine for about 2 weeks.  Now, every so often, the power light blinks off and on for hours.  I’ve noticed it mainly when the computer is asleep, but even as I’m typing, it’s blinking.

All of my data is still on it and its running regular backups.  

Any ideas as to why its blinking?

Please help!

Power LED also serves as disk activity.

Anytime there is read or write activity it should blink.

See if Time machine is running when Power LED is blinking.

Or time to time Mac pings the drive and check for status of drive is active.

Good luck.