first off, like killerme said, turn around when it goes off. NOW, you surely know where it came from, this means you should put your crosshair in that area (head level which you should always have anyway). if youre blinded, no matter. wait for the tag "enemy: ..." to appear on screen (some prefer this in the middle of the screen so they dont have to concentrate on another part of the screen than the crosshair). shot as it shows and let him die.
some ppl will think youre an easy kill and run with a pistol or something. if you have a rifle you can easily own, him, if not, you should consider hiding. of course this doesnt work with multiple enmies either unless theyre stupid or you are good at the game.
obviously this works best with an awp because u dont need to hit the head thus making it even easier. multiple enemies may aswell retreat when they see their friend falling. this will give you some nice time to get unflashes and reload.
i know that you pointed that out in your post already, its just essential that you dont run around because u will die that way. if you just stay in your position (or another if the enemy knows where you are exactly - know the map to change positions flashed) youre accuracy is just perfect and if you know where the enemy will be coming from you will have the obvious advantage over him.