Just noticed on my FILCO that the LEDs don't bleed: light from the Num Lock LED doesn't shine out through the Caps Lock and Scroll Lock LEDs and vice versa. I don't know whether Diatec or Costar intended for their sup-$100 keyboards to have properly shielded LEDs or whether it's just an unintended bonus with the design of the PCB and case.
Also, the LED viewing angle is pretty decent and with the LED appearing relatively evenly lit. I was disappointed though with the lacklustre LEDs in the Spacesaver.
Not only is it both tacky and annoying for LEDs to be unshielded (especially with network hardware when you're not 100% sure which LEDs are actually lit), but I dislike the aesthetics of poor optics in LED housings: I prefer LEDs to be as close as possible to a block of solid colour, instead of the watery, refracted appearance you normally get.
One little touch that would perfect keyboards would be deep green LEDs instead of the olde worlde yellow-green. My "old" Pentax Optio S5z ultracompact has a nifty power button with an integrated bicolour LED, showing as deep green for still image and red for dictophone, which—give or take bleed around the edges of the button—appears as a solid disc of perfectly even light. (When connected to the PC it looks odd as the primary status LED that shows for USB mass storage active appears positively yellow compared to the green of the power button.)
Couple more things to add to my perfect-keyboard wishlist.
Thus ends my sad late-night ramble

(sup: opposite of sub; see HTML …)
(not sure vice versa really works when you have a combination, such as three LEDs …)