If its a bright visible light under the edge which is visible when you look from the side this is not minor light bleed, this IMO is a fault warranting replacement. Minor light bleed is where one or 2 tiny spots around the edge is changing the colour slightly lighter, so dark area's in a certain spot look a touch lighter. You can check by loading a black screen, in a darkened room the screen will appear as a uniform dark grey, as it's not possible to get a dead black screen with any backlit Lcd display, if there's any light bleed you will see a slightly lighter shade of grey in a certain area. That's is what minor light bleed is, and has already stated many times will not affect the display in normal use, as your generally unlikely to be using the iPad in a blacked out room. In fact one should not be viewing a LCD backlit panel in a darkened room anyway, otherwise your blacks will never look anywhere near black.
IOW, if it's very minor, it's simply not worth worrying about, my own iPad3 has a tiny amount in one place (though I have to look closely to spot it) on the edge as does our iPad 1, my youngest sons iPad2 also has a little and the others sons iPad 3 is about the same as mine. In fact I would say if one looked close enough I could find a liitle on most iPads, even on those users iPads who have stated they have none at all. However if it's not a issue in normal use under normal lighting then I don't consider its a problem at all... indeed Apple would probably call it a feature...lol.
Nonetheless, if it looks like someone is shining a torch under the edge even if only visible if viewed from the side, then I would want it replacing. It's not a cheap item, and the fact you know it's there can make you feel a little dis-satisfied. I obviously don't know how noticable it is, if it's not easily visible unless you go looking for it, then as others have suggested, it may be something you can live with, as in normal use you would'nt see it... but only you can answer that one.
I swapped my first one because it had a tiny spec of dust about 1mm in size, like a tiny hair, which was visible behind the screen, this 2nd one seem 99.95% okay, but had already decided that if I returned this 2nd one, I was going to opt for the refund instead of another replacement, mainly due to my concern I could end up with one that was worse. I would have just managed with my iPad 1 for a little longer.