Blinking lights are certainly getting your attention, but the more recent, electronically flashing variation makes it very difficult for me to locate the position of the flashing light. The flash catches my eye, but when I try to pinpoint it, it turned completely dark, and by the time it flashes again, I am already looking into some other direction. This applies both to bicycles as well as modern police lights.

In old times, police cars would have rotating lights, and I found those much easier to track. So if one uses flashing lights, there should also be some constant level of light to make positioning of the source easier.