Bought a red+white pair of these for E's bike. The integral reflector allowed me to legally remove the manufacturer's reflectors and mount the lights in their place. This saves a lot of stuffing about, as there is little space for additional mountings on small kid's bikes. The light flashes in a complicated rhythm, making the bike very noticable.
Update: LEDs improve every year, manufacturer's leapfrogging each other. As of 2013 I'd now recommend the Portland Design Works' Radbot 1000. It's bright, has a reflector. The only downside is the low run time on its AAA batteries, so rechargables are required.