Yes, with easy to spot 'caveats'...
On 'Critical Mass' bike rides there are all kinds of imaginative lighting setups that give individual riders individuality. We like creativity in cycling and how everyone is different. Undoubtedly these lights are cool and would be fab on a Critical Mass ride. Therefore, for that reason 'yes'.
LED lights are not a focused light source unless you have some well designed reflectors to work with them. That is why halogen lights still exist on the marketplace for bike lighting - they may not have the battery life or the bulb life but the light quality is better.
The 3M company worked with Vrederstein tyres in the 1980's to create reflective tyre walls. These reflect the light of car headlamps straight back at the driver, and car headlamps are brighter than a bunch of LEDs. Therefore, to solve the problem of illuminating bike wheels, the 3M/Vrederstein solution is better.
Now for forward lighting. There used to be brackets for putting a light low down on the fork blade, many bikes used to come with a boss exactly for this purpose. However we have moved to placing the light higher up on the handlebars, not even pausing half-way to use the reflector bracket. Low-mounted lights are not visible to the car in front in the way that handlebar mounted lights are. Most riding is in cities where cars are the problem and street lighting exists, that said, the low-mounted light is better for riding trails etc. where you do need to see what is immediately in front of you. However, modern lights frequently have a lens/reflector design to put the light where it is needed from the higher handlebar position, so you can get the light where it is best suited without having a light that is mounted low down.
Clearly there is a weight penalty, a rotating mass problem, an electrical reliability problem and a 'keeping the bike clean' problem to go with the revolights, not to mention a small matter of expense.
In summary, the lights are undoubtedly eye-catchingly cool, however they are a solution in search of a problem.