Generally, I frown on bright handlebar tape and bright saddles, feeling that both do detract from the bicycle, however...
In this case, the tape works, in my opinion. I would like to see the bike done with black tape, though, just for comparison purposes.
I recently got rid of the gawdy stuff on my Cyclops. I like the appearance of the bike a lot more, now that the distracting colors are gone...
Of course, that is just me.