My personal observation is that cyclists who, like myself, ride mainly in the city after dark are much more noticeable with a flashing light (front or rear) than with a solid one. In the areas that I frequent there's lots of other things that are lit and or/reflect and small, steady bike lights just don't compete very well, so I nearly always use mine on blink (well one front one on blink - I have a steady so I can see too). I can't say I really worry about moth effect under these conditions either - that happens when motorists are on straight, fast stretches of road and can zone out. On city streets you can't drive like that as you are always stopping/starting/turning.