I don't see a problem with confusing anyone. Flashing amber lights are commonly used in a variety of ways to warn of things that should be avoided - construction sites, dangerous curves, bad potholes/bumps, slow-moving vehicles, etc. So I see no reason why a driver would think of steering toward rather than away from such a light even if he doesn't immediately recognize it as a bicycle. Seems like an excellent choice for daytime use on a bicycle since it is likely to stand out from other lights and reflections much better than a white light.