As to taillights, I see cyclists all the time with little blinkies. That is, I see them when I get within about 100 feet of them. That is too close when, as my esteemed colleague, LittleBigMan, points out, the overtaking vehicle is traveling 35 mph, or, more likely, 45 in a 35 mph zone. The only blinkie I, personally, have seen in actual use that is visible from long distance is the $60 NiteRider 12 LED that works with their 13.2 volt halogen and HID lights. Interestingly, the $10 7 LED lights sold as "store brand", like Photon, by Nashbar and Performance are surprisingly visible, more so than some of the $20+ ones. Now my 54 LED truck brake light...
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If it ain't broke, mess with it anyway!