I really appreciate this discussion as I've recently purchased a bike for 75% commuting, 20% triathlon, 5% fun purposes...
I would just like to say that although lights will definitely help, it all comes down to being vigilant and being a defensive cyclist...regardless of the number of lights no matter how bright/obnoxious/noticeable/retina intensive they are, will prevent us from getting ripped by a motorist that is not paying attention/not watching for the little guy/gal on the bike. I ride about 7 miles to and from work here in Hawaii. As most of you know, there are way too many cars here to begin with, so just add in your (insert your weight here) among all of those multi-ton cars/trucks, and you can see how the pucker factor goes up.
This really hits home for me because this past week one of my co-workers had a hair-raising closecall with a motorist that fit my description above (my friend had all of the requisite lighting and the motorist wasn't watching for the little guy on the bike). After the near miss, the motorist was nice enough to roll down his window and say sorry, but then he went on to ask my friend, "Hey man, don't you have any lights on that thing?" to which my friend replied, "Yeah! I have three!" My friend actually has two white on the front and a red on the back. I think this is a great illustration to my warning to you to no rely on your lights to save your arses!
Personally I have a gigantic 10watt NiteRider light on the front along with the factory reflector, and a blinky red LED NiteRider on the back; the one on the back can be set to steady or blink, but I agree with one of the other forum writers that blinking and obnoxious is exactly what we want! I also wear a backpack (with all of my required chow for the workday and other odds and ends) so I have strategically wrapped the reflective belt I use when I run around the backpack for some added noticeability (hopefully).
I think I may add one more light on the front, a blinky white one (someone above mentioned that) just to cover all of the bases. I will say that my current battery-powered front light really puts out some light which comes in handy on some of the dark paths I take that I have to share with runners/walkers.......
I almost forgot one more thing I wear for visibility purposes....my "hunter orange" Hash T-shirt,,,,,,,,,,it says "Beer Delivery Guy" in the front, and is quite obnoxious!!!! Ha ha ha!
Thanks again!
be safe!