This product seems like it's a really smart idea, but you forget how awful human nature can be. Some drivers would see this as a clear sign of something to avoid. Other drivers would see that as a target. So many drivers hate cyclists, which is sometimes unfair. Other times I totally get it. Bicyclists definitely deserve to have the road along with drivers, but also stop taking up an entire lane going eleven miles per hour.
I'd rather just have a big LED sign that says, "please don't kill me. I don't want to die. I have children. Please." That might be just as effective. I don't know though. I stopped riding my bike after I crashed and broke my shoulder. Now my courage is gone. As my family and friends would say, "your courage was never there, Julio."