I recently bought a Light and Motion Urban 700 light and I love it.
One thing I have noticed though. Apparently L&M has done away with the flashing feature and, instead, replaced it with a slow pulse.
I previously owned their Urban 550 light and that one featured a fast, flashing light mode. In group rides the strobe-like flashing was really annoying, especially when riding through very dark areas. Is this the reason why L&M replaced the fast flashing mode with a slow, pulsing mode?