no it's not! i'm having the same problem and it is driving me crazy! the place i bought my laptop is no longer in business so i can't take it there to have it fixed.
I have the same problem, caps lock light not working yet caps lock is fine. Im using Vista and have googled the problem and believe it may be a windows update that has done this. I updated recently and now i am experiencing this problem. I am going to re-install my keyboard drivers and see if it solves it..