From the wiki (thanks
@sandungas for finding it, it's exactly what I was thinking)
On my bricked slim (CECH-2501B) the first sequence of 4 is: green red green red.
On my working slim (CECH-2101B) the first sequence is: red red red red.
On my other working slim (CECH-3001A) the first sequence is: red red red red.
On all three consoles the next 3 sequence's, are all red.
So it seems that red=good and green=bad. Also I removed the Blu-ray drive on my bricked slim and the codes did not change. sorry I don't know more about this.
It's too bad that we don't have syscon error codes to go with those, but there has to be a correlation, right? I would bet Sony introduced these led codes as a faster way to get diagnostics, instead of having to plug into the syscon and all that fun stuff. Maybe
@db260179 knows something about this?