I see increasing numbers of riders with high-visibility gear. I've always been a fan, so I'm happy to see it. However, I've noticed that, more often than not, very little of the jacket/pants are actually visible when the rider is on the move. The helmet and shoulders are the most visible in oncoming traffic, and all too often the shoulders will be some darker color, meant to contrast with the high-viz torso and arms!
High-viz gear will unquestionably help with traffic to your sides and behind you, but I think a high-viz helmet is significantly more valuable than a jacket, and a modulated (flashing) headlight is more valuable than either, from the front.
I'm of the opinion that learning solid skills and practicing them regularly will contribute far more to healthy and longevity than gear alone. By skills, I mean more than just stopping and turning, I also mean the ability to read traffic and maintain focused awareness of absolutely everything around you.
By the way, my favorite piece of gear is my one-piece Aerostich Roadcrafter. Some elements of the design are getting outdated, but I'm literally able to put it on or take it off in under ten seconds, and the one-piece design means I always wear full protection. I would choose a different two-piece for touring, but for everyday riding, the Roadcrafter is hard to beat.
But aside from not drinking or rising like an idiot the biggest thing we motorcyclists can do to increase our safety is to wear a high visibility jacket. It creates a noticeable difference in the percentage of other road users that see you, which addresses the major cause of accidents. Protective gear is a last resort - it's better to avoid the accident in the first place.
The best protective gear is the stuff you wear, so for short trips if you are tempted to leave the heavy gear behind, at least throw on a light flouro jacket.