Wow. I can't imagine riding around with stuff sticking up like that. No aero tuck, that's for sure!

If it's just about lights, I'd rather mount them down low. My favorite spot is for the light to be just above the front wheel, and generally lower is better because it shows you the contours of the potholes better. I forget who makes them, but there are even mounts for lights that attach at the skewer, not to mention the nobs that attach to the fork. I think it's probably relatively few setups that block ALL of those places to put a headlight.

But hey, more possible ways to mount more stuff is a good thing.