I've never heard of this joke before but as soon as I saw the board I laughed and laughed, it's hilarious.
As an "oldie" I feel an microcontroller is a little bit overkill for the flashing though as a good ol' 555 would've done just fine. in fact with a few added components and a 556 it should be quite possible to get some cute random actions into the circuit while getting the impressionfactor up a bit.
