I also suggest the dual headlight setup, even if it's just 2 dinky LED headlights. 1 Blinking and 1 Solid is the most visible, the blinking just annoys me so do both on solid unless it's dark and inclement weather (ahem, fog)

I have a dinky little blinky on my seat bag, and another on my backpack. The seat bag one usually stays solid, and the bag light is flashing.

edit: by "even if it's two dinky lights" i mean two dinky ones multiplied is better than 1. But by no means as good as good quality lights if you can afford um. After a good quality lock, good lights are 2nd in good investments.