this seems like a good video on the subject.

http://www.youtube.com/watch?v=epZdXfvrRmU

We have a local guy who has put reflective stuff and lights on every surface of his bike and himself. It is actually too much. It makes you focus so much on him, that it's distracting. (What happens when you look at that hole in the road as you approach it? You run into it. You drive or ride where you are directly looking.) He takes a lot of chances that most riders wouldn't because he is so lit up. I've seen him cut across 5 lanes of traffic at night in rush hour on a busy road when he could have crossed at the light just 150 ft away. Nuts!! Light up, by all means, but don't assume you are totally safe.

Lots of riders here in Portland. The best advice I can give is to light up the sides too, not just front and back. It's nice to have a blinkie up front in the dark as well as a solid. It differentiates you from cars and motorcycles. Lit strips catch my eye. Cars don't have long reflective strips typically.