I think that the PB Blinky is a good light as an emergency backup for changing a flat, but as a light to make you visible it is very poor. If my bike light will make you recede into the background, consider the headlights, streetlights, and so forth that have always been there - you and your PBB have been pretty doggone hard to see all along.

I believe that you need to work hard for visibility to ride at night. Headlights, brake lights, street lights, lit and reflective signs all give a visual clutter that has to be dealt with by drivers and cyclists. You need to be lit up to stand out.