Dccabinetry, welcome to the HDTimeline forum and your first post. Try out the Self Help Tips or Search tabs near the top of this page to move around the site. In answer to your question...no you are not missing anything. Other than the 2 out of 7 lights...that is what most users of the HD Multi-Fit Flush LED Fuel Guage complain about.
The LED displays should be long life, but poor workmanship or failure properly conformal coat the electronics makes them prone to failure due to the air/gas/water high heat & vibration stresses those caps get sitting out in the open on top of the tank.