FlashOnlyOnBurst means that the emitter's flash will only appear when the emitter bursts.
Bursts are a periodic, delayed series of emissions that will occur all at once in multiple numbers. As an example, tapping the jetpack thrusters. Normal emitters emit a constant stream.
I haven't seen the squadmate in a bottle code, but the ParticlesPerMinute variable is not very intuitive. If you set it to 120, then it will emit 2 per second. If you set it to 1, it will emit one particle anywhere between one and sixty seconds from spawning. 60, and there's a 1-10 second variation. 100, 1-6 second. It's very strange and also entirely unpredictable.
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This would be a very handy trick to know since it would let someone put a timer on /anything/ just by adding an emitter that shoots off something with a lot of mass some specified time in the future, or events on a timer by emitting them then.
I've been using emitter timers for a while now. As a matter of fact, all but one of the OKM use emitter timers. They're decently reliable, but only if the PPM is above 100 or so.