Some key ones are here: http://abyc.co.za/wp-content/uploads/2013/04/ISAF_RRS_2013-2...
If you know these well you may pick up a win from time to time when your competitor fails to read the flags and does something wrong.
But do note the context dependence as mentioned in TFA. The "L" flag on a race course may mean "Follow this boat" or "There is a notice posted here," but on the open sea it means "Stop immediately," and in port it means "We are diseased."
Ain't nobody got time to spell things out.
Visual signalling leaves no trace and can only be seen by those who you can see. Radio transmissions can be detected by sensors you don't know are present. This is useful for navies.
They're reasonably quick, reliable and transcend language barriers.
They also work well as a broadcast method - you can hoist Flag Alpha and every ship in visual range will know you that have a diver in the water and to use caution in your vicinity, you don't need to create excess chatter by announcing it on radio every 5 minutes.
Also, when you need a laugh during a long and boring watch you can get someone junior on the bridge to read out the ICS definition for Single Letter Signal Flag Zulu.
Naval vessels are kind of an interesting case though. They also fly the H flag when they have a pilot on board, but when they do so it's in combination with the answering pennant at the top of the hoist. I believe this is a standard practice when communicating with merchant marine vessels to indicate that the signal is based on the ICS rules and not the naval signal book which can mean something completely different. Naval vessels also often display their call sign using these signal flags when arriving and departing from port.
I require a tug
I think that @prismatic posted it here on HN because there are people who doesn't know them and are likely to be interested (other than being bewitched by the use proposed by Mrs Weiner).
(Starts about a minute in.)
They work exceptionally well. Sailboat races are typically started between an anchored boat with a flag and an anchored buoy. There is a countdown with sound signals and flags. If the race committee decides to enact a special starting rule, they do so with a signal flag. If a boat has started early, it's indicated by a signal flag.
I'm 30 and in my life in my local fleet handheld VHFs have become popular, but even so signal flags are not going anywhere.
I can recall and draw much of the alphabet because of this: B, C, I, L, N, Z, X, S, Y, P, 1st repeater and 2nd repeater are all vital in sailboat racing.
The flags for full dress ship are not chosen by the ship, however. They are mandated by an instruction and all ships have to use the same flags. ([1], paragraph 705)
I'll leave it as an exercise for the reader to discern why this is so.
https://en.m.wikipedia.org/wiki/Maritime_flag_signalling#Mar...
Marryat as well as being a distinguished naval officer was a fine writer. Mister Midshipman Easy. By comparison, Patrick O'Brien wasn't even a sailor. He was a genre writer. The parallel would be Arthur C Clarke vs Ray Bradbury. Clark proposed geostationary satellites and EME in one article, Extra-Terrestrial Relays – Can Rocket Stations Give Worldwide Radio Coverage?
He is known for much more than his historical novels, including translations and biographies.
https://en.wikipedia.org/wiki/Patrick_O%27Brian#Bibliography
https://play.google.com/store/apps/details?id=com.fundroid30...
There's even an app!