Over here in Auckland, New Zealand, there is a sudden drive for cycling safety. There have been several well publicised cases of cyclists being killed after cases of poor road design, bad driving, bad cycling etc. I can't help but think that lit up cyclists would help this. A quick search shows others are trying stuff, although not in the tight-fitting-top style that most cyclists here wear.
http://m.instructables.com/id/turn-signal-biking-jacket/
This is a bit excessive - I think hand signals are enough, and bright lights are to show where the cyclist is.
http://www.esthete-cycle.com/en/product/veste-esthete-velo-u...
This is a bit of a full on jacket, but appears fairly robust.
(Author here) I'm a biker myself and I was thinking about creating something to that effect. Turn signals and better lights would go a long way towards making me feel safer without having to take a hand off my handlebars. I definitely have something brewing.
