A coworker was driving behind me the last few blocks to work yesterday when it was still dark out. She said that ANSI Class 2 lime safety vest really, really popped. She could see my two blinkies, but it was the vest that really stuck out.
I wear the same thing construction workers were, so you can get them at a bazillion sites on the web. I got mine at Home Depot. An ANSI vest should be at the top of any night cyclist's safety list.
Here's an example:
Edit: I am not saying that blinkies serve no purpose. They are especially important when there is little or no light to reflect off your vest. You should always have a blinkie in low-light situations, but a good vest will make you a lot more visible.