Yes, the LEDs are at the top. It looks like this:Show Image(http://deskthority.net/w/images/5/5f/KBC_Poker_II_--_MX_Red_with_green_LED.jpg)
I suppose they're all this way?
Having the switch with led on top is most common for backlight keyboard as that is generally where the legend on keycap is. It's only done for better illumination. Sometime on other keyboard switch may be rotated for other reason like trace routing. In any case the orientation of the switch makes no functional difference.
I would add that it makes no difference as long as it's 180°, if it's 90° or 270° rotation, then the stem will not fit as perfectly on the keycap since the cross on the stem is not symmetric on all directions.