For the taillight/parking light function, they light up just fine, but the turn signals are a different story. The flasher now flashes veeeeery slooooowly.The P21/5W is the European version of the dual filament lamp. It is 21 watts for the major filament (brake or turn application) and 5 for the minor filament (parking lamp).
The closest retrofit for the P21W is the 1073, and for the P21/5W it's the 1034, but these two lamps can be hard to find.
The 1157 is a U.S. spec lamp which is 27 and 8 watts. Although the light output is roughly the same, the 1157 is designed to last longer. The 1157 is rarely used in new applications since the all-glass wedge base lamps (3057, 3157, 3357, 3457, etc.) perform better, are cheaper to manufacture, and can be installed more easily with automated assembly equipment.
There are other performance characteristics such as luminescence and nigrescence rates that distinguish these two lamps. The European-spec lamps always have a nickel-plated brass base which is superior to brass or aluminum.
I tried to figure out why and I think I got it:
The flasher unit is a thermal one (original to the car I guess), and it's designed to heat up and cool down a bimetallic strip making/breaking the contact. For that to work efficiently, there needs to be a specific amount of current passing through the flasher that does the heating. Although as per the above article, the 1157 and P21/5W bulbs are considered to have more or less the same brightness, they are not the same wattage. The 1157's have 27/8 watts, whereas the P21's are only 21/5W. Thus the two P21s are only consuming 42 watts during the turn signal phase, whereas two 1157's would normally consume 56 watts. That's 33% more. So I surmise that with the reduced power draw, the flasher is just not heating up fast enough. It wasn't all that fast to begin with compared with today's cars.
So, the 1157's are going to have to go back in for now. I guess my next step is going to be to find a suitable electronic flasher unit to replace the thermal flasher unit. Also seem to be a bit hard to find here. Hmmmm.