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I'd probably risk it myself and base my continued use on what I see. OTOH if drivers don't see a stopped school bus with flashing lights, do you think they will see you?

My theory is that the race for more and brighter lights for vehicles as well as street lighting overwhelms the drivers. As all of the individual lights compete for attention, it's hard to pick out what the lights represent. Bike lighting is especially tough because of the narrow separation between lights. This makes it hard for drivers to gauge closing speed. Two average lights at at least 15" apart will be much better than a single super light.

Good luck to you.