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Well, that depends on which one. There is currently a "script" MXR Dynacomp re-issue and it does not have an LED nor is it true-bypass IIRC. As for the regular "block" MXR I don't know. I had one a long time ago but sold it.
"script" and "block" are references to the MXR logo font on the pedal itself. But do yourself a favor and try the Barber Tone Press. There is a trim pot located inside the pedal so you can set for the more Dynacomp compression and you get the added bonus of the blend knob.
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