You may want to try this as well. It is even simpler.
<font class="small">Code:</font><hr /><pre> +--------------| |---------------+
: 1uF/240V :
: :
: +--+--+
o : :
--- ---
AC 240V led \ / / \
--- ---
o : :
: +--+--+
: :
: 1k/1W :
+-------------/\/\/\-------------+</pre><hr />
1uF capacitor at 50Hz will give about 6.8K conductance and together with 1k register, the total current to flow is about 30mA, this brings about 7W power sonsumption with 240V input.
I use 8mm blue led from ISP and it is just too cool.
-- dj