It's too complex.
Flashing brake lights under emergency braking, like many like Mercedes or Opel have, is way better for me. Why the need for two colors and three lighting modes? It's just disturbing. You need to think about the meaning of the thing before actually start to brake...
Whereas flashing red when emergency braking is simple, and the flash makes you react a whole lot faster.
I mean, maybe ther must be an indication of how hard the man before you is braking, like "braking 20% of max", then an indication of how good are his brake discs and pads, like discs 40% good", how good are his tyres (important for braking distance) like "tyres 30%", then the indication of how good are his suspensions, like "suspension front 60% and rear 40%"..
Or maybe the indication of the braking distance calculated by the computer, like "braking 30%, will stop in 60 meters according to calculations that are calculated 70% accurate...
It's also important to know if the man is hitting the throttle, no? And which gear he's in?
To overtake someone, you should know his power, throttle position, it's useful too.
An indication that you release the throttle is a very old idea, but it has been proven completely useless and only disturbing.
The rear lights of a car are important indications, let's not turn them into a Christmas Tree.