SOLAS (Safety of Life At Sea) reflective tape is pretty hardcore. This tape is made to withstand very rigorous conditions (sea conditions). I wouldn't be too concerned about it degrading regularly. It's amazingly reflective (Google some pictures, or maybe some folks here who use it will post up pics). This stuff is designed to help spot people at sea... it's pretty darned visible, and probably some of the best reflective stuff you can get.

I'd still want some lighting that doesn't rely on reflectors... but I also wouldn't rely on just a blinky with no reflectors. The two complement each other.

EDIT: Whoa.... just noticed it's a necro thread. Brrrrrrrainsss.... (still... at least people are using the search function)