I have been riding with a Serfas true 500 for the last three years and am quite satisfied with it. It's a small, self contained handlebar or helmet mount, has 2 hour runtime, USB recharge, and 500 lumens is plenty of light for 20+ MPH. About $90 on Amazon. In kuan's link, looks like it has been replaced by the 550. BTW, also makes a great flashlight.

For tail lights Serfas makes a long, thin light that mounts to the seat stays. A pair of those is the current setup of choice. I am not sure of the model name though.

Everything is LED out of the box now..