I took 2 AA batteries and ran them between GND and 3V3. The board worked fine - but the red LED came on, and I did not expect it to.
According to all the schematics I could find - the red LED is tied right to 5v EXT power (USB power) and is on the other side of the LDO than the 3V3 rail - i.e. there is no way this LED should see power or come on.
I am assuming something is different here than I am expecting - i.e. wrong schematic or something?? Any ideas??

