Hello hazlewlj,
The blinking green light means the printer is receiving data or printing data. You can find this information on page 190 of the User Guide.
After a lot of fiddling about (firstly with a USB connection to my iMac to make sure that it was working, and then with a WiFi connection - because I want to locate the printer away from the iMac) I have at last got my recently purchased B205 to work as I had originally planned, ie over a home-based wired ethernet connection.
However, with all the different things I have tried, that seem to produce all sorts of different errors and messages, I am now becoming paranoid about what a correctly functioning m/c should look like !!!
After first printing, the Status Light flashes Green, and continues to do so even when in Power Save mode. I don't recall this happening before with the previous connections. I've powered-off (and then on) the printer and it doesn't make any difference. Is this what it is supposed to do?