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The Moon Comet is a damn nice rear light that is visible at a distance and searingly bright close-up.
http://www.chainreactioncycles.com/moon-comet-rear-light/rp-prod126654
It's also cheap.
I bought one recently and I'm impressed with it. Similar story of seeing it on other people's bike and thinking it was awesome.
If you like Amazon reviews, it's pretty much all 5-stars:
Except for the one guy who somehow soaked it so totally that he got water inside it. Not sure how this is possible, it's survived every downpour I've ridden in (admittedly not many since I purchased it, but I don't shy away from the wet and didn't have fenders on that particular bike on those days).
If I had the money I'd probably go for the Hope tail light. But I don't, and the Comet seems to be incredible value for money for what it is.
Velocio-
No battery life issues? @amey? Praps I have a dodgy one :/
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"30 chips high brightness red Led"
Needs to be a 3 LED unit though.
umop3pisdn
hippy
The review on Amazon seemed to indicate they're a bit shit, especially for mounting on an aero post. I might just end up going with one of those long Cateye types that everyone seems to have owned at one stage.