I've used Vistalite brand taillights since they were introduced and have never found a need to upgrade. This is one of the few you can actually mount the light to a reflector or rack bracket instead of relying on those assinine rubber strap or seatpost mounts. Everytime I need to outfit a new bike, I keep using Vistalites. And like one of the above posters has mentioned, if the flasher is on your bag where it will be tilted, it is a lot less visible to cars.

And for the front lights, a combination of a flashing white or green led light for traffic and a "headlight" light for road illumination is best, even the brightest hightech expensive high wattage light systems don't screasm "I'm a bike!!" as much as a flashing front light. Especially in rainy/stormy conditions. Cateye makes some Opticubes with better mounting systems, and Vistalite makes a nice front flasher that can be mounted on a reflector bracket.

And don't forget about passive illumination like reflective sidewalls, some (tastefully applied) reflective tape, or a safety vest. These really help increase your illuminated "footprint" that identifies you as a cyclist.