Power, GPS lock & holdover Leds are controlled by the gizmo's inside the unit, the enabled, active & alarm led's are just pilot's controlled via the serial port through on/off commands, I think they are provided to help comms engineers, pulling one of these out thats controlling a large mobile tower probably wouldnt do your boss relationship much good.
Holdover is an algorithm the unit has, it learns the control profile for the oven, ie records the control voltage over 24 hours, then if the Gps signal fails it reverts to holdover where basically it plays back the control voltage over 24 hours, maintaining an accurate timebase without a Gps signal, they claim its very accurate, and I think that explains a lot of the complexity of the device, not something I need but I spose you dont want a mobile tower shutting down because its really cloudy or something.
The oven in this thing is huge.