I use that one. It works to be seen but isn't going to light up every bit of gravel in the road if you're someplace without streetlights.

For a taillight I'm using a cateye LD-1000. It's a better taillight than the EL530 is a headlight.

Definately check out the commuting forum. Those guys have some plans for cheapy home-made halogen headlights made with Home Depot track lighting & plumbing parts. I don't have a link to the thread, sorry.