Re very bright front lights. Sometimes they are neccessary, if (DaveC's post the other day) you commute on unlit roads and paths, just to see where you're going and if you're about to run over a ninja and ninjadog.
In town, sometimes a bright front light is required to pick out surface problems (potholes, glass, cracks, general Edinburgh rubbishness). However it should be a light with a good lens and it should be pointed at the ground infront of you. It should not be pointing upwards or even flatwards. That just directs the light into the eyes of other road users.
Intensly bright strobing lights - the relatively cheap and high powered things you can buy like Knogs - I dislike and I think do just as much harm as good - especially when used on paths.
They generally lack any (or a decent) lens to focus the output, and spill light all over the place. Because they are pulsing, they don't light the path infront of the rider and the flashing on/off/on/off light light serves only to keep the iris closed and impede night vision for both the rider and anyone coming the other way. Other cyclists do not need to see the other rider from 3 miles away, a couple of hundred feet is quite sufficient. A dazzling, flashing light also does not make it easy to judge relative speed and distance of the source.
Bright, helmet mounted flashing lights are the worst, as they are as close to eye-level as you're going to get.
For blinkyness, lower power lights are great. They're bright enough to be seen (without blinding other users), they're cheap and reliable and last for a long time and the flashing attracts the eye and helps you be seen. A flashing light seen on the road also indicates "bike coming".
Perhaps someone has other opinions on high-powered strobe headlights, but I'd tend to disagree.