This sort of thing has been covered before.

The problem with this notion is that many of us wear backpacks and messenger bags, thereby negating the effectiveness of the brake lighting on the back.

The turn signal lighting on the arms is a good idea but it still looks to be not bright enough. This is mostly a limitation of current lighting and power technologies so it's good that people are continuing to design this sort of thing, but it's not there yet. Ideal would be a left glove with bright red lights on the palm and amber lights on the back which light up based on data from an accelerometer that knows whether you're signaling a stop, left or right turn. I don't think the capacity exists yet to make something small enough and bright enough that people would actually buy and then use such a device.