Looks cool, but it could potentially be distracting enough to cause accidents. However, I could probably see cops using the red and blue like that on their bikes. That is, if there isn't a safety issue.
You mean drivers might actually look and notice the motorcycle instead of running them over? Look up from their cellphones, turn down their radio, maybe put down the mocha latte and actually... drive?
Won't ever happen. Those aren't illegal as long as you don't use red or blue on public roadways.
Well, forgive me for not knowing they aren't illegal

Just thought that either way, they might cause distraction. Anything that isn't the norm attracts attention to itself, and you can reasonably expect them to be distracting to drivers.
And in certain places, texting while driving is illegal. It's caused enough accidents and people still do it.