Strobe Light effect makes the video track transparent at periodic intervals (using Compositing envelope).
For example, every 3 seconds the track could become completely transparent for 1/10 of a second.
You can take 2 video clips, stack them up on top of each other (on tracks 1 and 2), and run this tool so that each layer of video flickers back and forth between both scenes.
The effect is very popular in music videos.
Strobe Light Effect Example:
This tool allows you to create dynamic strobe light effects, when the ratio beetwen muted and displayed parts is changing over time.
Nonlinear speed changing can add a very strong dramatic effect, especially if it is synchronized with the suitable audio effects.