The posted youtube video really doesn't help much. This one may be a little better.
http://www.youtube.com/watch?v=VyRipxJo0Og
I imagine that a spokelit still isn't as visible from a distance as a good blinkie, but I suspect that if it's completely dark, you can see any light from a pretty good distance, and if there's ambient light, like on a city street, the spokelit can still draw attention to it. I also think that if a reasonably smart driver sees a blinking light from an appreciable distance, he or she doesn't have to know that the blinking light is a bicycle before deciding to be cautious. In the meantime, I'm looking for ways to attach a blinkie to either side of the post that goes from the handlebars to the fork.