There must be some scientific studies on this. I did a quick Google but didn't find any. My assumption is that blinking lights are more effective than solid light for getting attention which would explain why police lights flash and hazard lights atop tall structures like the Washington Monument and cell towers, blink.
Going to be hard for search planes to see the lights if you are in a forest. I'd be hesitant to burn the batteries unless I heard searchers nearby. Would rather have a campfire for warmth and signaling.
Hikermor's observation that a battery-powered light in strobe mode would last longer is bonus.
I routinely carry in my pack a Petzl e+lite and Petzl Zipka Plus - both strobe. The latter strobes in red and white (not sure if the e+lite strobes red). I also carry a strobe in my car and two LED road flares, which are quite bright and are slated to run for 50 hours.
http://www.llbean.com/llb/shop/65534?feat=9519-GN2On my bikes I'm partial to Planet Bike lights - front and back.