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I think you're missing a key thing when talking about the activation estimation. The measure is not blood flow, but the change in oxygenation of the blood, is

by IanCal 10y ago

I think you're missing a key thing when talking about the activation estimation. The measure is not blood flow, but the change in oxygenation of the blood, is it not? This does have issues but I think it's different from the issues you raised.

Toenex 10y ago
You are right when you say the signal is BOLD and not flow directly. Flow regulation is a key component though. However, I don't think this negates my point. Oxygenation is being equated with brain activity. The approach is sensitive to BOLD signal changes that correlate with the input. I'm not a neuroscientist but I know many that would argue the brain is more complex than this and response are more complicated (what about areas of the brain that are on through out the experiment?)