@squirrrl To get an approximate answer, you need to just use simple logic.
#1- He is using LEDs and LED use less than 15% of the energy required to power the lights you are currently using. Power wise, it would not cost more and last 7 times longer with the same battery pack. Chances are that the cost of power (if any) will be lower.
#2- LEDs will definitely cost a little more (although I have no idea why ... the use to be extremely cheap). But unlike LED light bulbs, this are very simple LEDs, so the price difference on the light itself may be negligible.
#3- Where I see a cost is in the computerize lighting. The computing power required to perform the kind of control shown on the video (where LEDs only light for the fraction of micro-seconds at very high rates) may cost about $30-$50 in parts for manual/low production (without factoring the labor cost), but that cost may be drop to $10 or less for factory production. If he can design something that uses OEM embedded parts and all that is required is the embedded software ... it may be as little as $2 for a large production.
But in the end, you can see from the video that even at a $200 price tag, the difference in security is exponential. I did not notice the bike with the front light until sometime later. The light wasn't bright enough to show a moving vehicle ..... and I see this problem on a daily basis when I get out of work. Bicycle riders WITH THE PROPER GEAR, are barely visible until you get close ..... most of the time too close to react in case of an emergency.