Is being more visible better? The common sense and intuitive answer is yes. But the counter-intuitive answer is no. Which answer, intuitive or counter-intuitive, is better supported by studies in experimental psychology and perceptual awareness? Strangely, the counter-intuitive one.
For instance, accidents involving bicycles and pedestrians declines as the number of bicycles and pedestrians increases in urban and city areas. The key is the expectancy effect. Drivers expect to see them and thus see them more.
When we do not expect to see something we are more likely not to see it. Of course the intuitive guess is that we will see the unexpected because it's surprising nature stands out to us. But google something like "the invisible gorilla" and watch the video, or go to Chabris and Simons' web-blog and see their run through of countless experiments confirming expectancy effects and inattentional blindness. When we do not expect something we are more likely not to see it.
Now just apply the counter-intuitive thinking, which is well supported by experiments on perception, to high visibility vests. Who expects to see some biker, already a low expectancy effect because cars so vastly outnumber bikes on the road, wearing Fluoro green or yellow or whatever? Barely anyone.
So there is actually an argument, backed by statistics and experiments, that casts serious doubt on the claim that high visibility vests will get you noticed. Indeed, they might get you into an accident, increasing your degree of unexpectedness for other motorists.
One caveat. Those in the thread noting that high visibility vests or running lights get you noticed more in rural areas or at night are right. But in this case, it is the distance relation for vests (seen from afar, but not necessarily closer in) and the high expectancy effects for lights (it's night, look for lights) doing the safety work.
I understand the above is full of counter-intuitive ideas, but they're not mine. I'm just relaying some interesting stuff you can glean from books like Chabris and Simons, The Invisible Gorilla, and from general work on inattentional blindness and expectancy effects in experimental psychology. For now I am sticking with my normal leather jacket, not because hi vis vests are uncool or the governments idea etc, but because my reading of some relevant science suggests they might make my visibility less not more.