I've been working on nav lights on and off for so long (this is like their third or fourth iteration, this time done by the tech artist) and man I am really happy with how these look.
1. They are directional, and fade when they go out of the view limits
2. When far away, they become pixel blocks of a variable size (e.g. collision lights are 1 pixel, nav lights are 2, landing lights are 3)
3. They support blinking (game is paused in the image, but the collision lights blink)
4. All of this is done in the shader so the math for all this is essentially "free"