Yeah, I had an MEC white blinky turtle light stolen outside my band's rehearsal space a couple months ago. Those things cost what, $2? How much crack does that get you?
As for lights, I just picked up f/r PlanetBike lights. They're a little more expensive at ~$15 each. The front one is decent enough (5 LEDs) but the back one is awesome. It's a Planet Bike Superflash. It's got a really eyecatching blink pattern. Bought them both at MEC.