Whatever happened to the flag? I know they are a wind drag, but them sometimes, or so I have heard, one experiences tail winds. Also, I don't think one needs to wear it all the time, but around large trucks or in heavier trafic I think it might be the best defence. It flaps aroung and if you are trying toavoid being crushed by a cement truck, this might be your best bet for getting some elevation.
The triangle implies slow vehicle, which is, apparently a very political characterisation of a bike. Some seem to take it to mean that "I am not really a regular road user, like a tractor moving between fields, or a crew moving a house". Also in some jurisdictions bikes are excluded from that catagory which might make for an interesting argument in a lawsuit - "Your honor the plaintif appears not to have understood what category he was operating a vehicle within, and was otherwise conducting himself like a witless moron...". Hey I know we aren't talking politics here just safety, but there was a big thread in Advocacy on this.