I haven't done anything to the front, mostly because of cost, mounting options, and figuring that me paying attention is a better option than hoping someone else is paying attention for me. Let's hope that continues to work.
For the rear, I have the Kissan flashing bulbs and really like them. Since I'm always paranoid about being hit from the rear, I just added this LED light:
LED Flasher. I first saw the light on the back of Galaxy Blue's bike, and decided I wanted one. Well, actually two...I put one on my FJR and am putting the other on my KLR.
The light is less than $100 and was pretty easy to put on. Also, if you install more than one on the same bike, they can be synchronized to flash in phase or out of phase. They are wired for a dimmer switch, and there are 5 different flash patterns.
After install, I tried to take a video of the lights, but unlike some of the others above, they were so bright, they washed out the video. Maybe I can try a photo.
I have a 2007 also and due to the differences between a Gen I (like GB has) and Gen II license plate mount, I had to put my light below my license plate. It works great, and if not for me being kind of dipshit sometimes, was pretty easy to install.