I was given one of these before last winter, and I thought it was quite good. I have an exposure flare, the fibre flare and one of these in the darker months as there's a reasonable amount of unlit road. I would say that traffic seemed to give a wider berth when I had the laser light on. I never bothered with the LED bit, as between the fibre and the rear light it wasn't needed. I was going to get some pictures, but then the evenings brightened up and I didn't bother with it.
Construction is pretty flimsy, the buttons are plasticky and the mount doesn't feel up to much, but I do think the idea has merit from my experience of it. Got a few mates to given an opinion of if they could see it from a distance and they said they could. Whether it makes you more visible to drivers or just provides a distraction I don't know.
I'll be using mine this winter, but I'd recommend getting a fibre flare and another standard LED light. I'm not sure I'd recommend the exposure ones after bad (non-existant) customer service and the expensive batteries (needs their own charger, don't fit in anything else I have). The front white exposure light in the flash/flare set is pretty weak.