They are seen, but ignored among all the commercials, bling, street lights and other light sources...
I just happened to run across this
Wired article about a bike with a really interesting reflective paint. It looks like a normal, metallic paint by day, but at night, the entire frame and even the rims are lit up quite dramatically by any oncoming light source.
Doesn't particularly help your visibility when viewing the bike head-on or from the rear, but should be very visible and recognizable as a bicycle from any side angle, I would think.