I use wheel lights on my road setup. I think when it comes to wheel lights most people want something that is easy to mount/take off, has a half decent run time and will not set off geek alarms if you choose to leave them on the bike during the day. The Nite-Ize lamps are interesting but the geek factor is high because the form factor is somewhat large for using just a single Led. The smallest wheel lights I have used are made by a company called Atozi. They work wonderfully, are very small ( hook on to a single spoke, not an air valve as the ad would leave you to believe ) and take seconds to put on or take off. Not to mention you can use two or three per wheel and easily carry them in a pocket or pouch until you want to use them. Downside is they use the smaller button cells.( 3 inside in series ) Runtime will vary but basically if you use them an hour a day I doubt the batteries would last a week. You can buy extra button cells on-line cheaply but to get decent run time you need to buy the brand name silver oxide cells which cost a little more.

Currently I use wheel lights called, "Rimfires". These run off of three AA cells. Geek factor on these are a little higher but only because of the design of the battery compartment. At least the battery compartment is translucent and designed to circle the hub of the wheel ( and attach to the spokes ) Each comes with 3-mult-colored LEDs and are quite bright. Downside is construction is cheap plastic and to mount the battery compartment is a PITA. Upside is that AA batteries last longer than either coin or button cells and can be rechargeable if you have rechargeable AA's.

The lamps that offer to display different patterns of light ( or video ) use more LEDs to do so and are generally going to be larger and more heavier. Not to mention that unless you use more than one per wheel your wheel will be unbalanced.

I like the link that VegasTriker provided. I've seen those before and perhaps they are a good compromise in that they are relatively small, look easy to put on and take off and use a single AA battery. A couple of those per wheel might be a good choice ( provided they hold up ).

Lastly I think it needs to be said that the smaller the batteries the worse the runtime will be once the temperatures get below 60°F. Even NiMH AA batteries crap out pretty fast once temps begin to drop. That said another option for cooler weather are spoke reflectors. Geeky if you leave them on during the day but work great for getting seen at night.