Never had a headlight modulator on any of my 5 bikes, but I've seen plenty of them.
They aren't the slightest bit bothersome to me. The headlight modulates; what's the big deal? It's not like high beams or driving lights, which clearly do interfere with others' ability to see.
And they sure do seem to make the bike more noticeable, at least in my layperson's opinion. Don't ask me to provide more definitive evidence that they work. I can't.
Do they make one immune from being overlooked? Hardly. But as with fluorescent green attire and white helmets, if folks think they help, and they also realize that they must still ride as if they are invisible, I don't see the big problem.
Note: I do have a tennis ball green vest, but I never use it, and my primary helmet is lily-white.
What's a good oil to use, and can anyone recommend a good tire?