It's important to consider the sight lines of drivers. Many drivers these days are higher up, in SUVs. Also, vehicles these days are very good at isolating exterior sounds, so the only chance drivers have of knowing a cyclist is there is by vision and sight lines.
I don't think it would be too difficult for someone interested in designing and bringing to market a good looking highly visible front and rear cycling light system. If anyone is interested call me (send me a private message), we can do a drawing on a napkin. It won't make millions, but it will save lives.
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