I got the SubZero and Firerball, both by Leading Edge, (that's what happens when I don't tell my wife which one to get me for Christmas!) and the circuit and components are fairly straight forward. The LED is a 1 watt one from SuperBrightLEDs.com. The nosecones flash quite brightly. I also got the paralite for my scratch-built night rocket. Desert heat ought to be fun!
I got to demo a ParaLite at Plaster Blaster this year. It is a system for lighting up your parachute from underneath upon deployment. It was quite effective and made it very easy to find the rocket (and to chase it as it was dragged along by the wind). It is a bit pricey but worth considering. Home brew designs might be worth experimenting with.
RocketBrew Very nice, I have been looking at the ParaLite online. I bought my Alien night rocket from them, and their customer service was great - they even sent me replacement decals at no charge when I had to rebuild it, and a new manual when I lost it! After that, I am surprised they had enough money to design anything new.....487 days ago
If you or someone you know works in Retail, the VERY BEST lighting circuits I have found come from store displays. They run for months on a tiny battery, and they are Very Bright! I'll be finishing a 18-LED rocket shortly running on 1 of these -- all night blinkage on a couple of flat lithium batteries.
For the DIY types (most of us I dare say) there are some simple schematics out there for wiring up LEDs and making them blink with simple 555 timer chips. I've built a couple of the commercial night kits and can share some of my lessons learned there too.