Via Trend Hunter, I discovered the Taxi Magnet.
It's a small flashing device, designed by a London cabbie, and approved by Licensed London Taxi Drivers, which I assume is some union body, but couldn't track them down.
By displaying the light, you make it obvious that you're looking for a cab, without the need to wave your arms about like a nutter.
Being a non-driver, I catch more cabs than the average person, so I'd love to see this come to Sydney!