Perhaps it's a Clintonesque issue of what the meaning of the word blink is. I believe you be referring to little red blinkies and like you I don't put much if any faith in them in daylight. I am referring to very bright blinking white lights and you should not so casually dismiss them.

Eyes see movement, particularly unexpected movement, best. I believe even moreso in the lateral vision areas (though others may know more science). A very visible bright blinking light comes across as movement to the brain and gets you a slice of attention-share. A garish color can be more visible and comes through as unexpected if it registers in the brain, but I find is easier to dismiss. IMO, and no more than a 51-49 thing. In the end, both are good.