The second pic gives us a nice real life viewing angle - if you're a 747 pilot looking down at someone cycling on the runway
It's entirely applicable, the result would be exactly the same if I were at the same level as the bike.
Which reflectors are those in the pic, by the way?
A full menu can be found here:
http://www.mechbgon.com/visibility/activevpassive.html The red light/reflector is a Cateye LD500 taillight, which doubles as a CPSC-approved reflex reflector. Since I'm on the subject, this is what that scene looks like to the motorist whose headlights are off:
Lights or reflectors, which is better?

Hmmm.
Or is that because of the strong 400 lumen reflection off the jacket that makes them just appear non-reflective in the pic?
No, you already read the explanation: the retroreflective items are reflecting back to the light source, but since it's not that close to the camera, the reflective stuff is basically useless. You say that at longer range, the six-foot separation of the viewer and his passenger headlight would be of less effect, but get real... in a scene like the one shown in this video below, how effective is a bicycle reflector at 100 feet or more? I have a trunk bag with an 8-inch square of DOT Class II red tape on it, and I still wouldn't give it much chance of standing out in actual auto traffic, even if no one ever drove with their headlights off unawares here:
Every car in this video has reflectors. All you see, however, is taillights.
Incidentally, here's another relevant video. This is shot from my car, with the camera on a tripod right where my head would be. I'm on Reflecto-Bike III with a full complement of reflective gear, and you can assess the lights versus reflectors both coming and going. In my opinion, the lights absolutely dominate even my top-of-the-line Reflexite V82 microprismatic tape. And this is with both headlights working
As you can see, the DOT Conspicuity Tape is pretty much the most visible thing in the pic
In real life, the Nova BULL tailight is what you'd notice out of that arsenal. Movie clip:
This level of power is now mainstream in the form of the Cygolite Hotshot, at about $35.
In the bigger picture, I've seen enough Internet debate to recognize when someone's picked their position and is too entrenched to give it up, no matter how much logic is used. People don't always have their headlights on? REFLECTORS ARE STILL BETTER. People might not recognize a reflector until point-blank range at high speeds, as it gradually fades into view? REFLECTORS ARE STILL BETTER. Reflectors suffer nasty performance losses with distance, even moreso in fog/rain/snow? REFLECTORS ARE STILL BETTER. According to you, anyway.
I think everyone who's read this far has a pretty good idea about the merits and limitations of reflectors now, so choose... but choose wisely

Lights first, reflectors as supplements (and as required to preserve your legal rights).
mechBgon, the next time you feel the urge to do another 'stuff reduction', send me a PM
Will do

There should be a surplus Cygolite Hotshot in my arsenal soon since I'll be getting a NiteRider Solas to test.