My service light came on recently and I pushed the reset button with a thin allen wrench but it does nothing. Does that light indicate anything other than time to change the oil?

 

Yes. The service light does recommend when the oil should be changed based on a 5000 mile interval. If your pressing the button and nothing is happening then you need to press harder. I had the same problem till I gave it a good jab with a Phillips head screwdriver and wa-lah! If you don't really care about it then you can let it go, it shuts off a minute or two after running/key on.

 

No, the "service" light is just a counter which comes on every 5,000 miles and means nothing else-just that 5,000 have passed since it was reset.