So I have just seen this exact same phenomena and to be honest I was a little freaked out. So I googled flashing star like objects and this thread came up. I see it's an old thread but has recently be posted to.
The flashes me and my partner saw were just as described. But i would add that the flashes were random with no distinct timing pattern. What's more I have seen this twice now this week in the same or similar area of sky.
We were looking for meteors (with very little luck) and saw a lot of satellites whizzing past. This light flashes around 9 or 10 times in a random pattern and stayed in the same spot for over 2 or 3 minutes. The light then appeared to move slightly and dim with a reddish tinge before disappearing completely.
I do not believe in UFO s as in alien visitation but my God this has got me thinking. I am trying to find logical explanations but the stationary sattelight doesn't ring true...but then I am no expert. Just trying to figure out that the hell it was we just saw.