Creatures with forward facing stereoscopic vision (like us) can judge the speed and distance of an object if we can determine its size and see something of the background. In the dark, some information is missing when we rely on attached lights.
Most people know the approximate size of a car, and so with two lights its easier to guess the distance (and crucially speed as the distance between the lights seems to change).
I've noticed it's harder to cross a road when bikes are approaching than cars, because if you're looking along the axis of travel then its hard to gauge their speed.
Attaching more than one light to a bike allows us to judge the speed better. It seems that it's irrelevant whether the spacing is horizontal or vertical for our visual systems to make this judgement.