The lights are known as 'Pulselights'. There is some anecdotal evidence to suggest that they may mitigate the risk of birdstrikes, but our own studies suggest this is dubious.
They do enhance the visibility of the aircraft to other air traffic, and also to air traffic controllers.
One of our DHC8's has them fitted for survey ops. Other aircraft operators report that the aircraft is very noticeable, particularly in high traffic density airspace. This aircraft has also been used overseas in Alaska and in various parts of the continental United States. Same feedback, greatly enhanced visibility.
Also, a number of overseas operators use them, particularly in Alaska. Our crews report that other traffic fitted with these lights can be picked up for miles.
And yes, it apparently does enhance the life of the bulbs since they don't actually get a chance to cool down between cycles.