I use it (and give strobing lights to others and recommend them) for crossing streets, both day and night.
I have put diffusers on the lights used for this so it's not blinding when pointed in their direction, and it's noticeable from a wide angle, not just where it's pointed.
(Used little plastic domes that contact lenses come in for the diffuser, as they bulge out of the bezel making visibility even better)
The Trustfire Z-1 has been the handiest one to carry and give others, for this, as it has only high, low, and strobe and remembers its setting.
The number of pedestrians, bicyclists and skateboarders hit by drivers is astonishing.
I've also jumped off a city bus one rainynight when I saw a hit-and-run driver had left a pedestrian lying in an unlit crosswalk -- and used my little everyday pocket light to halt traffic in the intersection until the emergency crew arrived (others were making the phone call and seeing to first aid as I got there).
I found people would come up to about a block away, stop, back up and take another route instead of coming on into the intersection where I was standing with the flashlight.