I use three lights... one steady (24 LEDs), one PB flasher, and a small blinky... not to mention a reflector about the size of a desert plate.
Early in the mornings I get mostly very wide passing from motorists.
One of the best lighting schemes I ever saw was a small bright white light that shone on the back of the cyclist, aimed up from a rack over the rear tire... there was no doubt that he was a cyclist from a long way off. Blinkies and the like can be seen from quite a long way away, but the observer may not quite know what the light is... whereas this light shining on the cyclist made it quite clear.