I just started night commuting last week, with a 20W halogen DIY front light, cateye 3-LED blinker on the helmet, Nashbar 5-LED red blinker in the back, plus some aftermarket reflectors.
Out of 7 days, 2 days I've ridden past a jogger (same guy both times) carrying a flashlight and a little reflective stuff on his shoes/jacket. I have also noticed field mice sniffing alongside the gravel road next to the corn fields. Plenty of roadkill to avoid. Apart from that, just cars.
But it is fun. Not sure if it's better than day riding, but it's different, and that's worth something when you're going to be riding the same route hundreds of times a year.