I like the idea, but is a little fancier than my taste.

A subtler approach might be to use reflective tape. The good stuff is made by 3M, but sometimes hard to find in anything smaller than 1 million foot long rolls. I found these guys sometime ago and I'm waiting for the black Scotchlite to be re-stocked... I'm gonna try putting it on a black rain jacket; it looks black in normal lighting and reflects bright white in headlights.

http://www.identi-tape.com/super-eng2.html