I asked the same question. The answer is in the response number 8488. Basically, it sounds like to me that the blinking light is blinking so fast that the human eye can't see it.

Besides, I have come to the conclusion that "blinky" mode does not need to blink in order to be ROAR legal. The Novak Esc's do not have timing built into them and they do not blink, but according to the ROAR list of approved speed controllers, it is a legal speed controller to run in blinky mode.