It looks like I'm in the minority here, but as a driver I HATE the blinking lights. They are incredibly annoying and distracting. Yes, I need to see bicyclists, but I need to see other things too, and they draw my eye too much. I really can't stand them. I think that a strong solid light is just fine, but it also helps if you don't wear dark clothes. Too many cyclists around here ride dark bikes with dark clothes and expect to be seen. But then, pedestrians do the same thing. Drivers have to be ever-vigilant, which is why I find those blinking lights so distracting when I'm trying to pay attention to so many other things as well.
By the way, I live in the city, so the roads are always lit, if that makes a difference. Needs might be different on dark, unlit roads.