Driving home last night I saw what I thought was a cyclist in the bike lane. He had a white (!) blinky as a tail light, so it was hard to judge distance (or even determine if he was on a bike). He did, however, have reflective material on his cranks and ankles. My truck's lights really picked up the movement of those items, and made it a whole lot easier to identify him as a cyclist (except that his single pannier obscured his left ankle band/strap).
I was amazed at how much more effective the reflective material was when it was affixed to something that's moving. This doesn't obviate the need for a properly-colored tail light, but just a few strips of strategically placed reflective tape can really improve your visibility to motorists.
I've noticed this too, the up and down motion really grabs your attention. I wear these which serve double duty to also keep my pants out of the chain.
Me too, those are good, and legbands are so inexpensive and can be used with all your bikes. When I go for road rides, if we might be out 'til twilight, I make sure I've got at least a small headlight & taillight, and tuck my lebands in my jersey pocket just in case. If I can only have one reflective item, it's going to be legbands.