Komplete Kontrol S MK3 LED Ring Functionality

What are all the functions of the LED ring around the main encoder?
From what I've seen so far it just indicates left, right, down, up movements and shows the selected color.
I'm trying to think of some potential additional functionality that might be useful.
It'd be cool if it:
-Moved around the circle as you turned the knob to indicate where it currently is, maybe getting brighter as it gets closer to a full revolution
-Showed some sort of current beat/bar indication. I think even a general implementation of this would be helpful for seeing the current position in the bar or active loop range whilst recording and just jamming when the DAW or Maschine interface isn't visible.
-Certain plugin/instrument integration - Rounds comes to mind first, but Misc Kontakt instruments and other synths could be cool. Perhaps certain LEDs could show the level of individual Kontakt layers.
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