Reflective clothes, stripes, tape, or whatever, is exceedingly more effective at night than any bright color. It reflects back light directly to the source with a much lower scatter rate than cloth ever will. Even a bright white shirt can be tough to spot at night. The same can be said for blaze orange, hi-vis green and yellow, etc. Hi vis colors are meant for daytime, and work well then, as they contrast against almost every other color.
In urban environment you have just too many blinking light sources -- it is really hard to make your reflexes and bike light stand out in that noisy environment: They are seen, but ignored among all the commercials, bling, street lights and other light sources...
On the positive side, in a crowded urban environment it will be plenty light to make that hi vis color jacket visible. It is immediately identified as a human torso shape, which even the most idiotic drivers are reluctant to run over. Unlike your average five-dollar tail light, which is just too easy to ignore if there's lots of other stuff moving about in the traffic.
The hi-vis jacket is no substitute for proper bike lights and reflexes -- it works along with them, and complements them.
If it's too dark for the jacket to be visible -- then your lights + reflexes are highly visible. And vice versa.