The original circuit was made by yet another person that thinks LEDs need voltage. He regulates down to 4.7 volts then used a resistor and LED.
LEDs are current devices not voltage devices.
Addressing what Alec_t said:
R2 is 18 ohms to get the heat down below 1 watt. You could use two 18 ohm 1W resistors.
Remove the other resistors and Zener.
The voltage on C4 (and C5 if you use it) will be 2.8 to 3.3 volts so you you can use smaller caps.
I have made these with out any capacitors.
C1, C2, C3 make 200mA so use it to directly drive the LED. Forget the 4.7V idea.
Many people use the 1N4007 diodes to with stand the 230VAC. The diodes in this design will not see more than 5 volts so use the 1N4001.
What about this. Comments please.