Most of my commute is down dedicated cycle paths, so my main objective is to be seen by other cyclists and pedestrians.
I wear a reflective yellow coat and have a reflective yellow rucksack cover.
My bike has a red flashing light at the rear, and a white flashing light (pointing slightly downwards) at the front.
I do wish pedestrians would consider lights (some do), as a pedestrian wearing dark colours is virtually invisible on an unlit cycle path.
For me, I take the attitude of being seen.
I see flashing lights much more than static ones, and I prefer to see yellow or orange reflective clothing than white. Yellow is the standard hi-vis colour that we are all accustomed to.
I don’t like extremely bright front lights (especially pointing upwards) they make visibility difficult for oncoming bikes (can cause accidents). You only need just enough light to see the way (and to be seen).
I like the ideas of reflective areas on the bike, I will implement some of those ideas as they make perfect sense.