It seems like a gross oversight, on Apple’s part, that there’s no external indicator for notifications on the iPhone. This means that unless you happen to see a push notification come through, you have to unlock your handset to see if you have any missed calls or text messages.

Apple tried to remedy this issue with a new feature in iOS 5 called LED Flash for Alerts. It uses the iPhone’s camera flash to alert users that they have new notifications, but for a number of reasons, this solution is far from perfect. Enter the new FLASHr case by Phaze5…

FLASHr is a cleverly-designed case for your iPhone 4 or 4S that uses reflective aluminum plating to bounce light from the camera’s flash, using the aforementioned Flash Alerts feature, through its translucent frame.

As you can imagine, this creates quite the light show whenever you receive a push notification. And when you’re ready to take a picture, Photography Mode slides a small plastic cover out of the way to reveal the flash.

Phaze5 is currently trying to raise $75,000 via Kickstarter to order the components it will need for its first production run. Thus far, the project has received about $25,000 in funding with 25 days left to go.

The FLASHr’s design is impressively innovative, and we’re sure it would make for a cool case. We just wish Phaze5 would have held off for a little bit, as we’re expecting to see a new, larger iPhone in the coming weeks.

But if you’re interested, you can score your own FLASHr by pledging $35. There’s dozens of colors to choose from and Phaze5 hopes to start shipping the cases as early as October.

What do you think of FLASHr?