What this seems to boil down to is this:
It's a legal requirement to use lights when it's dark. So do it, otherwise you're not just a muppet, you're an illegal muppet.
If you believe that drivers in your neck of the woods are more likely to treat you with respect and care if they know you are a cyclist, then hi-viz (bright colours + reflective) are a good thing because then they will identify you as a cylist. Unless you have lights that make the eyes bleed, in which case you (a) don't need it; and (b) they probably won't see it anyway. You can be the People's Front of Judea.
If you believe that drivers are generally careless, even though they don't mean to be, because they are prone to being distracted by being late/other traffic/changing the CD/arguing with Radio 4/fixing their hair/talking on the phone/smoking a fag/eating a bacon butty/reading the latest Booker prize winner/playing Nintendo then you may find the WTF factor to be more helpful as unknown objects are treated with more caution than known objects. This is particularly the case if you live in an area where drivers are generally less than lovely towards cyclists. You can be the Judean People's Front.
Both approaches have their place. Both are valid for differing circumstances and it is up to an individual cyclist to choose his visibility strategy according to circumstance, as long as the legal minimum has been achieved. Yelling and insulting one another because some of us think one approach is better than the other just makes us splitters. I don't think either approach is wrong. I prefer the second, as in my experience it is more effective*. If your experience is different, then good for you.
*Most effective of all, I've found, is wearing next to nothing, although this only really works in summer and I expect it's more effective for girls.
Sam (quite fancy one of those Mars 4.0s though)