The power switch has no positive or negative terminal. It is just a connector... when you close the circuit by pressing the power button, electricity simply flows through the wires in the appropriate direction... Flipping positive and negative on the switch won't matter.
As for LED's... they DO matter - since it's a diode, it only works when the positive and negative are plugged in the right ways. Diodes, by design, only allow electricity to flow one way through them. If you reverse the polarity (positive and negative), they won't turn on and will act as an open circuit.