This is a novel flasher circuit using a single driver transistor that takes its flash-rate from a flashing LED. The flasher in the photo is 3mm. An ordinary LED will not work. The flash rate cannot be altered by the brightness of the high-bright white LED can be adjusted by altering the 1k resistor across the 100u electrolytic to 4k7 or 10k.
Super Bright Led Flasher - [Link]