I think it would be a handy feature (as default or option) to have the board's LED indicate the performance of the main loop.
For example, if after erase, the LED defaults to 10Hz oscillation or so (iteration count to be based upon detected board), then as the user develops and tests their code it would slow down. Allow the user to adjust iteration count to suit their needs.
Of course, right now the user could add this manually.
For example, on the Arduino Due, this "clean" sketch oscillates the LED at somewhere over 10Hz:
you could add a counter in the timer overflow interrupt of the micros() timekeeping.
and after a zillion (to be determined) interrupts it toggles the led by means of direct port manipulation.
Your method is simple enough to add, why not pump out a header file people can include or add as a library which allows setting these things. Here is what I would do: