I've been using a USCG-approved life vest Xenon strobe with a yellow lens on the back of my bike for over 30 years, never have been hassled by the Law. Yellow flasher means 'hazard' in/near roadway, which a cyclist generally is. Construction vehicles, mail trucks... all use yellow strobes facing the rear!
I've been commuting on a 50mph State highway with this light attached to my rack for years. People DO see it!
I d-cell lasts for 40-60 hours of use.
Are there better lights out there now? - probably. Especially with LED/rechargeable technology. When this one dies, I'll probably look for other options.