I'm largely unconvinced by the merits of routinely wearing hi-vis as a cyclist. While it undoubtedly improves your visibility in some circumstances, very few of those seem to be where you're likely to be at risk from another vehicle - typically, it makes you more visible from further away.
I do own the ubiquitous bright yellow Altura jacket, mainly because it was half price in a sale. Given that I only usually wear the thing when it's really pissing it down, foggy, or very cold, it seems likely that the hi-vis colour may not be utterly pointless. It certainly seemed like a good idea while riding in proper dense fog last week.
It is, of course, no substitute for FRIKKIN' LASERS in terms of visibility.
I've never noticed a significant change in driver behaviour from wearing hi-vis, other than when I've managed to obscure my long hair (this does seem to make a difference, in shouted abuse if not care while overtaking) with it. Certainly nothing like riding a recumbent, tandem or carrying a comedy item on the rear rack, which do tend to result in safer overtakes etc.