I bought 3 of the yellow/white reflective vests from Harbor Freight when I first started commuting last March (they were $3.99 each at the time). I have since given 1 away to a co-worker that rode a bike to work when his car broke down and didn't have any high vis gear. The other 2 vests have held up fairly well.
Some interesting phrases I noticed on the tags include: "do not machine wash" and "not ANSI approved as a safety vest" although they do mention they have "ANSI approved reflective tape."
I have been running mine through on the low agitation wash cycle and low heat dry cycle with my work uniforms at least once per week. I always make sure to turn them inside out to protect the reflective surfaces, and make sure the velcro closure is securely attached to itself so it doesn't snag on other clothing and pull threads out. They have stood up to this wash method fairly well.