I like it but I don't think I'd mount it on a cloth loop. It's by far more effective on-axis than not, and all the blinkie loops I've seen wind up with the blinkie sagging down and pointing at the ground.
AFAICT all blinkies are at least somewhat brighter on-axis, and so I think all blinkies will be of diminished visibility if clipped onto a loop rather than hard-mounted and aimed.

I might have some blinkies on loops, but I'll always have at least one blinkie hard mounted so I can aim it right in drivers eyes.