....one would hope. Then again there are likely no statistical facts having to do with cyclist's who use exceptional safety equipment vs. cyclist that don't.

As to which would be the greater risk; riding in the day vs. riding at night, a lot would have to do with traffic conditions but otherwise I would consider that it might indeed be safer to ride at night if the person doing the night ride is using a very good light/Hi-Vis set-up ( both front and rear ) and the traffic conditions are not extremely fast or heavy. Of course motorist might not be expecting to see cyclists at night so that too plays into the safety factor of riding at night. Either way, day or night a person on a bike never knows what to expect. Likely at night more tired, distracted and/or inebriated motorists, always a thought to consider.

More people ride in the day though. That's just the way it is. If people wear some hi-vis color they should be fine. Add some ultra bright rear light and it should help but just how much is anyone's guess. Either way more light is not going to be a detriment unless of course you are allowing "the geek factor" to be called a detriment.

As an employee of a large company I am required almost every other month to take drivers safety training as part of my job requirement. One of the things that was pointed out on the last test I took was that 80% of all road accidents involve rear-end collisions. From a cycling perspective that's not encouraging but most people who ride bikes most of the time aren't riding directly in the road-way. However, if one were to ride in the road because they had no choice that would raise the risk of being hit...statically speaking.

Personally I seek roads that have wide shoulders or have little traffic. If I'm on a road with little shoulder ( or none ) with heavy traffic I am extremely antsy. In those conditions I feel a little better if I have some good rear lights going.