On a 99 and later 7.3 the light DOES NOT indicate that the glow plugs are actually on - that light ontime is pcm generated and timed according to air, oil and coolant temps. As already mentioned, the glow plugs may stay on after the engine starts and the light is off - up to over 2 minutes after depending on conditions. This is out of the factory Ford manual. On my Calif. emission 99 F250, when the pcm sees a mismatch in amp draw for one bank of glow plugs over the other, it turns the check engine light on and throws a code.
Engine cranking rpms is the next critical start factor along with the glow plug function and oil quality/level. The 99 and up only have glow plugs, no intake heaters unless aftermarket. You don't have to wait for the "wait to start" light to go out IF you have good batteries & oil and the glow system works. You have to watch the battery cables on these trucks too, for corrosion. That positive cable in Motorcraft is in the $125 - 150 range, I've replaced mine once and always run Interstate Megatrons bought in pairs and my truck always starts. I also keep a spare cam sensor in the toolbox for when it doesn't start !!!