In Chicago, even though its flat, brakeless in traffic is stupid. If you're in the loop, I usually find I have to go fast enough to keep up with traffic (read: be a car), and stop faster. Using a combination of pedal force, skidding and my front brake, I've never had a problem.

You can definitely get an aesthetically appealing brake setup, by the way. The proper cable length, with a good lever and caliper is not that bad.