Epilepsy warnings are really good to have. Even though I don't have epilepsy myself, I've noticed that flashing lights can be very annoying if they go on for too long.
I totally agree with you. Although I do not suffer from epilepsy, the continuous flashing lights give me strong annoyance (and headaches). Except for very particular cases, I do not find that these effects add much to a game and I would recommend avoiding them altogether, where possible.