My set up is a
Planet Bike Superflash for the rear. The brightness seems to be a good bang for the buck, and it has a catchy flash pattern (or steady mode). I'm happy with it. Pretty confident anyone approaching can see me clearly. I've seen other cyclists using this a mile away, literally (it can be a bit bright for those behind you on a group ride, but steady mode seems to make it bearable).

And, recommended to me by scoatw, a
Romisen RC-N3 II Cree flashlight for the front with a
simple flashlight mount. It's handy because with the extender tube you can just use rechargeable AA's, and you also have a really powerful flashlight, for comparatively cheap (or if you like the smaller form factor, I suppose you could get a rechargeable CR123A, which is like a camera battery). Definitely not just a "be seen" light... it's bright enough to ride by in pitch dark. I'm really happy with it. Can't say enough about it, really. I can post pics of my setup later.