2 things:

1) Two of the 3 flash settings on my LED front light don't actually go totally dark. It goes from bright to dim when blinking. There is one mode where it's on and off, but I don't use it. So your "can't see with it" and "can't be seen between flashes" argument is null and void.

2) In addition to 200 lumens of blinking LED light, I use a helmet mounted halogen that puts out about 300 lumens of constant light.

I don't always have the LED blinking either, especially when on very dark roads. I'd rather just have 500 lumens of light.

I'd say more constant light would be safer than more blinking light. A Lexus with HID headlights throws about 3,000 lumens. I'd bet if you could even get close to 1,000 lumens of constant light, you'd probably be hard to miss. Keep in mind that automotive headlights must comply with DOT standards for beam pattern. For good reason, too. Unfortunately, it's hard to find a bike light with any really great beam pattern that's near what you'd see on a car.