I have two CPSC-type-approved reflectors for legality, but rely much more on tape for conspicuity.
This shot simulates the angle of lighting from a car half a lane to my left, merging into my lane. As you can see, the two red reflectors are relatively invisible compared to the reflective tape on the rear mudflap, fender, pedals, and shoes.
I also put quite a bit on my helmet -- a less efficient position because of the higher angle, but it's above most obstacles that could block lower parts of the bike.
Conspicuity 3 by
joshua_putnam, on Flickr
The largest single reflector is half a square foot of diamond-grade tape on a waterproof flap that snaps to my backpack.
Reflective Flap on Backpack by
joshua_putnam, on Flickr