Help design a better bike light

Muayed is proposing to design a better bike light, to reduce the risk of cycling.
I'm certain the hive mind here can offer him some suggestions based upon experience,
not just of cycling at night,
but also the demerits of those bike lights already commercially available.

tl;dr Aim: reduce the risk of cycling

Lots of good points have been made. A few have missed the stated aim imo.

The most important aspect is having lights for which the hurdles as I see it are:

1. Rider memory (fixing, using and charging)
   
2. Theft
   
3. Cost
   
4. Attachment
   
   
   

IME the following give best visibility:
2x body front and rear
2x body front and rear
Pedal reflectors/lights

Therefore I am sceptical that a light can offer a solution. On balance I think that an incredibly cheap light that everyone knows is cheap so won't steel with excellent mounting options is best.

From a drivers pov I'm not at all convinced that lights need to be amazing, just not shit and visible.

Pedals reflectors are by far one of the best ways at night to identify cyclists and £10 says that only 1% of people on here will have them on any of their bikes. I have only ever added black reflective tape to one set of aftermarket pedals.