I'm also interested in K1njo's exp. w/ the flashlights. I recently purchased a new bike and am looking for headlights as well. I was thinking of bike-specific headlights, such as the Cateye that's been mentioned in this thread. But I may also have to consider a flashlight and figure out a way to mount it. It seems to give more light for the buck. Too bad battery life would not be 30-80 hrs. on 2-4 AA batteries that the Cateye would give, but you'd get a lot more light for it. Decisions, decisions ...
For taillights, I assume you're going w/ the traditional blinky-blinky red lights.