To All,
What did I get myself into?:
"Hey, what's that thing? For the plants? Cool, can you make me some?"
Do you know how many times I have heard that in the past few days? This dumb project is becoming very popular with my friends. ;D ;D
A few minor bugs: :

1) When carrying the project with the probes bare, the LED is fairly bright. But occasionally, when the probes are inserted into very dry soil that happens to have a resistance that is close to the setting of the trimpot and its series resistor, the LED turns off. It stays off until the resistance of the soil changes a fair amount (or if you remove it and re-insert it).
This bug is caused when the resistances are equal, because that is when the signal at probe P2 is cancelled. When the probes are bare, the signal at P2 ramps to logic high and low levels. But if you suddenly cancel that signal at a moment when P2 is low, then P2 never gets high enough to trigger its gate's high Schmitt threshold voltage (1.5V max. with a 2V supply), so the gate stays off.
This bug rarely happens, maybe once in 20 tries. I can't easily fix it.
2) When the resistance of the soil equals the resistance of the trimpot and its series resistor, the LED is bright. But when the resistance is much higher or the probes are bare, the LED dims a bit.
This bug can probably be fixed by reducing the value of the capacitor at P2. Then the occurance of bug #1 above happening will be even rarer.
3) The LED really does dim a lot when the battery runs-down to 2V. The LED's current drops 77 percent because the IC gets tired with only a 2V supply. An added LED driver transistor will reduce the dimming to only 33 percent, which is barely noticable.