The circuit shown uses a CR1225 3v battery. Using this battery it lasts about 6 months. I use a variation of this circuit (with a larger battery) on the dashboard of my car as a faux after market car alarm. Basically the flashing mimics the lights on those car alarms in the attempt to ward off any would be robbers.
So far my car has never been broken into, and I choose to chalk that up to this little circuit and not the fact that I drive a 2010 Kia Rio!