All flash, no action?

Because of this:

National Survey Reveals Nearly Two-Thirds of Drivers Speed in School Zones, Suggesting Neglect of Child Pedestrians Community Wide
(October 4, 2000) — According to a national survey released today by the National SAFE KIDS Campaign, the majority of motor vehicles in school zones exceed the speed limit. The prevalence of speeding around schools, where safety measures exist, suggests that drivers are even more neglectful in residential areas.
(Source: USA Safe Kids)

We need to consider this:

When slowing or ‘calming’ traffic, the right design invites the right driver response. The guiding principle of traffic calming is to influence motorist speeds and behavior through good design whenever possible, rather than by traffic control measures such as traffic signals and STOP signs.

There are many design and engineering tools that can be used to slow down traffic and make it safer for children to walk and bicycle to school including:

Narrow lanes
Chokers and chicanes
Speed humps
Raised pedestrian crosswalks
Neighborhood traffic circles
Reduced corner radii
Speed sensitive signals

(Source: SRTS)

because of this:

Let's not be distracted by flashing lights as a full response to safety for people walking and cycling to school. A further consideration: safety should transcend school hours to create full time security for residents of the area.