oh crap, my eyes... I can no longer see blue... I'm color blind!
Not really tired, you did a lot right just a few things stick out.
That's pretty accurate to the type of reflective tape they use, well as close as you can get with filters =P The actual pattern is less chaotic.
http://www.beseenonabike.com/shopuk/...light_anim.gif
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or do I still need a illumination map?
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illum map on a traffic cone? umm no... if you feel like faking some illum you can paint a slightly whiter spec color on the orange part of the cone right around the tape as well as paint some white in the same place on the defuse. It will look like the tape is glowing, slightly...
Yep its the sharp white scratches/highlights that are making it look like metal. The grey color is pushing it toward a metal look also. I understand why you went with grey, to make it look dirty and faded it was a good call. BUT the rubber started out black and faded. The fade is a nice touch, but its the sun and dirt that does the fading and the bottom of the cone would be less faded then the top. When you get deeper into the rubber (like a scratch would show) its still black, if you did a cross section, only the outer skin would be grey. If you scratch it you won't reveal a lighter color, its going to be darker.
I would also fade the orange part of the cone from the top down to make it look a little sun faded, like this.
http://www.pbase.com/image/28925641/medium.jpg