No, the N900 flash had a nasty green hue, and a lens flare issue with the flash reflecting off the bezel of the camera cover. I know this because I own an N900 myself.
Dual flash tints do make sense though, as I’m guessing it’s 5600k (daylight) and CTO (~3400k). CTO matches perfectly with ambient incandescent lighting. 5600k matches perfectly with a bright sunny day, though I doubt the flash is powerful enough to be used as fill light. You really need a xenon burst for that like the old N95 has.
Whitebalance can only compensate for one tint, when there’s two tints in a photo both of them will shift accordingly. Whitebalance for incandescent light and fire your flash, and your subject will turn out blue.
Aside from the photographic applications the warm led should be more pleasant than cool white for flashlight use.