How long will you be riding at night? If your commute is only an hour or two maybe one or two 900 lumen flashlights like the P7's on deal extreme would work. If you are talking longer run times than the MagicShine or dynamo setup would work better. Whatever you get make sure you can take them with you if you have to leave your bike locked up outside.

For the rear the PlanetBike Superflash I think is the best bang for the buck. You can also purchase reflective tape from automotive stores or online to help with visibility. Plus a reflective vest probably wouldn't hurt from Walmart.

Also think about the neighborhoods you travel through. Sometimes being a bike ninja can have its benefits. Remember its better to get to your destination safely. Whether that means being lit up like a Christmas tree or as stealthy as a ninja.