Probe lights on a ship would be cool just like a blinking light such as two on the wings of a vult, color is dependent on nation or faction. Some on moths or atlas.

+1
I'd like the abilty to turn them off when I want to though

Ya, you have the choice to make them lower so it gives faster charge on power cell, if probe lights are like star light then it power cell drains faster.

wait.
Why not just let the color be like the Real Life Color? This'd give you a warning if someone is heading straight toward you.

I'd like a headlight for use in foggy sectors and around dark asteroids. Being able to launch flares would be pretty cool too.

A headlight effect would only work on the newer driver sets though, meaning people with older GFX cards/hardware, and mobile devices would not see it? Correct me if I am wrong.