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One more bit of evidence regarding the need for side visibility:

http://www.rospa.org.uk/roadsafety/c...e_lighting.pdf

Flashing lights are already common on pedal cycles and anecdotal
evidence suggests that they help to distinguish cyclists from other road
users. The type of LED flashing lights in current use have distinct
advantages over normal filament bulb bicycle lights, in that they are

• smaller and lighter and therefore easier to remove from a parked bike
and carry
• the batteries last significantly longer than filament bulb lamps.

However, they do not usually conform to the British Standard for bicycle
lamps (BS 6102/3) and often emit light in a direct line but not in a
wider cone. This means that they are highly visible directly in line
with the cyclist but not from even a slight angle.