Have you seen this?
 

For those who like to ride at night.
http://vimeo.com/23544972

You can get a motion-sensitive cap that fits on your valve stem that lights up. Available at almost any auto parts store. It is cheaper and with less drag. The only problem is that it fits shrader valves, not presta; but an adapter would make it work. I always ride with an adapter on one wheel anyway just in case I need to use a pump that doesn't fit a presta.

I realize the ad is demonstrating the lighting system of the wheels; but as far as I could see, there were several things wrong with the rider and bike for night riding.

First, he was wearing a dark brown jacket with no reflective stripes. At night, I put on a reflective vest. I want my body to be seen.
Second, while there was a headlight, there was no taillight (blinky or otherwise). One headlight won't do for me. I use two including an incandescent bulb in one and a strong (CatEye EL500) LED in the other. As for taillight, I have at least two blinking red lights.
Third, the featured lighting system is good only from the side. From behind, they can't be seen.
Fourth, when the bike is stopped, there is virtually no light from the wheels -- perhaps a dull residue -- since it is not powered by an auxiliary battery. While stopped at an intersection, the car beside you decides to turn right and hits you claiming he didn't see you.

+1 In the shots where the camera moves directly in front or behind the rider, you can't see the lights and the rider disappears in the darkness.

It would be better to put the flashing lights on a vest. At least it would be seen from all angles.

Good lights and lighter clothes would be a good start for night riding -- reflective tape is cheap and works well. Use everything in your arsenal to be seen.

It is pretty, but yeah, it reminds me more of those guys who put neon lights under their car than a safety system.

If you completely sealed an independent dynamo inside both hubs and made the lights either always-on or switchable only by a sealed button on the hub itself, you'd probably have a lot fewer malfunctions. That, or do it with just the front wheel, again totally sealed.

A guy I see riding to work before dawn, puts blinkies on his lower legs. While this puts these lights low, the up and down motion is pretty distinctive, you can tell it is a bike rider from any distance you can see the lights. He has other lights lights placed higher, on his seat or helmet, as I recall.

I knew I would be the only one to think of that! :innocent:

I see a man with those riding around Waltham in the evening, usually in the area of the old Watch Factory, or around the Woerd Avenue / Rumford Ave area. He's the only one I've noticed. Well, MA law does state that you may have as many lights and reflectors on your bike as you wish.

My system:
-Two strips of red Scotchlite tape on my rear fender. This is the same stuff you see on tractor trailers. I like it better than reflectors.

-Blackburn Mars 4 tail light. Very bright, and has Amber LEDS for side visibility. Takes two AAAs. Seems very good on Battery life.

-White Helmet, White, or mostly white, jersey. Jacket, when needed, has reflective piping.

-reflective leg bands. I like the ones from Jogalite. Oddly enough, MA law requires that you have either reflective leg bands, or pedal reflectors. Leg bands are better, IMHO.

-Busch and Mueller Ixon IQ headlight. I'd rank it as one of my top ten purchases.
Pricey, but it is regulated. The light does not dim as the batteries discharge. I only use the high setting when there is no street lighting, or weak lighting. Uhhh, I never realized there were so many Raccoons in the Cemetery near my apartment complex. Oh well, they have to get out too I guess.

pimp my ride

Indeed. But the idea is sound.

LEDs are cheap, and they require very little power to run forever. And I do like byte_speed's point about lights on feet. That is a very cheap and effective way to make it clear that there is a bicyclist in front of you.