This is a tiny red LED light by Electron. I got this in December and I am impressed. When I have the Timbuk2 slung over my shoulder and back it serves as a bright but tiny rear light. This is in addition to my Cat Eye light. It can blink at two speeds as well as constant. I had seen other small LED lights but their fixing system is not a simple as this loop of strong but thin elastic as I prefer to hang mine off the bag. Electron also make a white light for the front. I got mine at the bike shop in Woolwich but I have seen them elsewhere. Cost £7.00
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I also carry Blackburn Fleas. They use velcro straps to attach to the bike. They charge up from a battery, USB or solar panel. Each one weighs 17g. I sometimes use them on their own but usually they are as an extra attention getter at handlebar level since the real front light is just above the wheel.
Do you know about the wee stubby extension you can get for M type bars? It's an extra place to attach headlights. You can see it here:
http://tiny.cc/2DYA8
The plan is to have a MOD-style Brompton with 4 lights on the front, 2 being blinkies, and the usual 2 on the back. For the front lights, I would pair the Brompton battery light with an Hope Vision 1 torch (made in Blighty, and very bright.)