I think Mr. Underbridge has summarized best. All I would add is that part of the differing views is likely to be social rather than sensory.
In very broad strokes, Europe tends to be more socially and cooperatively minded where in the US we're generally more individualistic. In the UK, the ASBO has made it criminal to be anti-social.
Blinking lights can be annoying. I think they're annoying. I can't stand the things. In Germany, at least, this annoyance is legislated away with the requirement that bike lights be steady, not blinking. They also have laws limiting the brightness.
In the US, it's almost a right to be annoying. The sheer numbers of annoying people doing annoying things demonstrates this.
And I think that using an annoyingly bright blinkie (a DiNotte) helps keep me alive on the roads here. As long as it does that, I don't care that I or anyone else thinks it's annoying. It's doing its job.