I too have the same issue; the yellow light is on all the time the PVR is on. I have tried a cold boot more than once but it makes no difference and there are no Notifications. While you may say it does not "seem ..." to be affecting things, we have noticed a marked slow down in the PVR functions. Whereas previously it would stop when you hit stop, not it takes time to react to ANY commands from the remote - and no it is not the batteries in the remote. Please address this universally ASAP or expect to have PVR's turned in for exchange for a newer one (ours is 15 months old), in search of an improvement in your expensive service.
@safewaste While the performance issues that you're seeing are not related to the indicator light being lit, they also aren't normal behaviour for your BlueSky TV equipment. As a reboot of your cable boxes has not made any improvement, I would recommend that you connect with our technical support team so they can run through some further tests and troubleshooting with you.
We are having the identical issue and did call Shaw Technical Support. The issue improved slightly for a short period of time (never fully went away) and is now back. It is clearly an issue that is affecting multiple customers and requires a proper solution.
I also have the noticeable slow downs in PVR response time along with the yellow light. However the yellow light is new, the BlueSky PVR slowness has been going on for about a month now. It is very irritating. I have tried reboots, the internal refresh with no help.
I believe Shaw pushed a bad patch that needs fixing.
Take a look at this thread about that "yellow light", with 34(!) replies.