Firstly, it demonstrates how the combination of a blue and a white LED can be used to give a realistic imitation of a camera flashlight. Secondly, the good old 555 IC is used in a way many of you may never have seen before alternately mono-stable / astable without too much in the way of external parts. Initially C3 will be empty, pulling output pin 3 to +12 V and causing the blue LED, D1, to light via R3. Next, C3 will charge up via R2. Meanwhile C1 has been building up charge through R1 and D3. If the voltage on C3 reaches about 8 V (two-thirds of 12 V), pin 3 of the 555 will drop Low. So does pin 7, causing the white LED to light, pulling its energy from C1. This energy drops quickly, causing D2 to dim in an exponentially decaying fashion, just like a camera flashlight. Circuit diagram: Bluish Flasher Circuit Diagram Now, because the 555’s output has dropped Low, the voltage on C3 will decrease as well. Ad soon as a level of 4 V is reached (one third of 12 V), the above cycle is repe...