I like the idea, but I don't like the execution. If I need to honk the horn to keep someone from running over or pulling out in front of me, I can't afford to wait half a second for the full-blast horn to come on. That's why I've always changed out the stock horns on all of my bikes with super loud, dual note horns that sound like a truck. If I'm going to honk, even if it's just a quick tap, I'm doing it because I want the person in front of or beside me to hear it. I suppose if there were ample room to fit both the stock and aftermarket horns on my bikes, I would consider using a separate button for the stock horn for those rare times when I might just want to give a high-pitched beep, but there isn't that kind of space on my bikes, so I stick with just the super-loud horns.
I do like the addition of the flashing high beams, though. I know this would make it a more expensive proposition, but it would be great if this could be coupled with a pressure-sensitive horn button. Pushing the button lightly would trigger a polite beep, while pushing the button hard like you would in a panic situation would trigger the full-force honk and light flash without the delay.