Durable - weight - cost --- pick two. Ex., More durable, low cost are almost incompatible, but you'd pay for it in weight.
Dynamo light systems are great - but expensive. Period. I have a dynohub setup - but I wouldn't leave the bike unattended in the downtown area in a city due to the theft-replacement cost.
Head-mounted lights are good for looking offline from your direction of travel. Think of it this way - your car headlights oly point straight ahead. But your head actually turns to look at side streets and street signs. So, your headlights may or may not shine where you need them. Als, a headlight can be shined at a car online from you to get their attention. Getting their attention as they turn (to prevent them from turning) into you is a good thing.
Rechargeable lights are only issues if you don't recharge them. 10-20 years ago batteries had ****ty lifespans in terms of holding their charges. Things have changed quite a bit.
For a front light, I'm now using
this. small, light, easily installable/removable without tools. I put it on the charger immediately after using it/returning home, take it off when fully charged(or the next morning/whichever) and have confidence it will hold its charge for at least two weeks. It's like showering after a ride - you just do it. With a spare set of batteries, I am set for an all-night rando ride/brevet.
As far as taillights go, another eBay search or one at dealextreme.com shows PlanetBike Superflash tailllights for under $5. I run two simultaneously and have two spares. AAA batteries last over. Again, I find it no inconvenience to use rechargeables.
As far as reflective vests go, if you don't want to use a
reflective safety vest (cost, $9 @ Home Depot) like the road workers use, you can use a
Sam Browne vest and
reflective ankle bands.
Other possibilities include reflective safety gloves,
Illuminite clothing, a safety flag, amber lights, reflective tape on the bike frame, on your helmet, on the pedals and cranks... the list of possibilities is endless. It's a question of how paranoid or safety conscious you are -- and the depth of your wallet.
Note: none of the things I linked to are the BEST options out there. I included the links primarily to illustrate what I am talking about.