Along the lines of freq flags, seems to me that their sole purpose is for another pilot to be able to tell, by glancing at THE FLIGHT LINE (not the freq board) who's flying which freq.
For this reason, I always use the freq flags on my radio, and also have my channel number on my hat as well.
/ya know, there's a REASON the leader of the Tour de France wears YELLOW, guys.

//slashes are an excellent way to append afterthoughts to a post
///they don't really help increase your post count though.