We've been using a noodle on our tandem for several years now. Attached is a pic in the "stowed" configuration. It does seem to buy a bit of distance from many passing vehicles but I do think it might be seen as a challenge to someone already a threat to cyclists. Inattentive motorists are a bigger threat and the noodle probably won't help. I do agree that the noodle looks stupid but another day alive and stupid looking isn't a horrible thing. We're not going to win any fashion or speed contests anyway.
