the new paterns are very noticible and it does lose reflectiveness as it gets older. It also doesn't work well in the rain. All that said it works better than not wearing it unless you're in a vest with side coverag, event then in my experience it works better as id'ing you as a person rather than a reflective line.
And you can't wear reflective tape. It's an additional safety factor, not a replacement for tape, reflectors, or active lighting.
I think there's something to be said for being clearly identifiable as a person rather than a bunch of lines which might look like a traffic sign to someone who is less than clear headed.