I remember one intersection that had the pattern pictured above! With the yellow showing up just before the green. But it was 10 years ago, the intersection got the usual "green -> yellow -> red" pattern when they replaced the mechanical controller by a new electronic controller. The latter could work way better. I've seen one of those getting resetted, than going defective again 2 hours later!
And concerning the flashing yellow/red lights, Jace is right. I know a single type 4 way traffic light with two reds and two yellow! The two yellows are facing the biggest street, and the two reds face the smallest street. You must stop on the flashing red, and if you drive on the biggest street, the flashing yellow warns you there may be someone waiting to go on the other street.
There's also another single lens traffic light, but only ONE direction, with a yellow flashing light. It's on the top of a slope, so the light likely warns drivers to be careful when they're at the top.