Do X's in the cube web console mean the chip is bad?

When I first got the unit there was only 1 X on the last blade listed (M_81-96), now there are 8 new Xs on M_65-80.  Does this indicate that I need a blade (or the entire cube) replaced?

What does the red "Status" led indicate?  I have two cubes - both have this status light blinking irradically, however they both seem to blink at the same time. 

Thanks for the help!
Sitaga