After flashing my GTX 1080 SC's bios with the new thermal fix and updating Precision X to v6.0.9.  I lost the ability to change the LED settings for my card, the option is just grayed out and can not be selected.  Before the flashing and upgrade I had full access and it worked perfectly as intended.  Can't tell if this is an isolated issue but it seems like a small bug.
 
As a temp fix, I can use the Nvidia Visualizer app for basic controls (turning on and off) in the mean time.
For those wondering - http://international.download.nvidia.com/GFE/LEDViz/1.0.0.0/LEDVisualizer_v1.0.0.0.exe

At this time, Precision only adjusts the colors of the LEDs, not if they are on or off.  I agree, I would like to see that eventually come to Precision, but at this time, it is not a feature available.