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The difference between a Blaze and regular flashing lights is that with regular lights, the source is obvious. As stated above, when a Blaze symbol creeps up from behind, it's pure supposition as to where behind the rider is, and if there are more than one, it's very confusing, and if it's confusing for a cyclist who understands the context, imagine the reaction of an uninitiated driver (assuming they've noticed it in the first place).
Yeah, true, though a devil's advocate might interpret what you say as the light fulfilling its intended purpose of making other road users notice it.