Yeah, hand signals are great when people know them, but so many people don't. Both on my bicycle and my Bullet, I really do sometimes get people waving back at me when I signal right. I agree that the stock signals are a little dorky looking and want to replace them with something that suits the bike more (like the bullet ones in the catalog), but as for myself, I'm keeping signals on it. Rather than turn signals vs. hand signals, I often use both together. I don't think you can count on it being a certainty that anybody sees either, but doing both covers you bases better.
Eamon