Where does "looks like flash" come from? Anyone ever compared flash vs continuous?

Handheld strobe often has a different look than flash bulbs in a portable gun. I think the difference comes from the size and type of reflector. Handheld strobes use tiny reflectors and many of the bulb flashes used 5-7" reflectors.
 
Is "Red Eye" a product of electronic flash or did flash bulbs produce it too? I know it's addressed by multi flash in modern cameras but, it was a problem for "on camera" and an external flash mounted close to the lens for years. I can't remember seeing it in flash bulb photos.. maybe because most were black and white?
 
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