I've never had a 'serious' cycling accident, but as I'm getting older and more aware of my fragile existence I'd rather not take the chance. I think there must be a difference between the daily commute (where i would tend to wear headphones) and weekends leisure rides where I'm quite often going somewhere new and want to take in my surroundings. Listening to music helps to pace the journey and to some extent breaks up the repetitive nature of the commute to work and for me its probably this aspect- the need to distract myself from a boring commute- that might result in an accident.
I guess the choices are clear, you can do as i did and take the risk and wear earphones, you could cycle without earphones-which is what i tend to do if I'm off on a leisure ride or you could compromise and either just use one of your headphones (leaving one ear free) or make use of one of the growing bunch of cycling friendly headsets. I've seen a couple of posts about earphones recently and mentioned most often seem to be those offered by Chilli Air ...check out the video
These are quite pricey at £40ish so at the moment I'm eagerly awaiting the arrival of my new piece of kit from the guys at OneGoodBud. Its basically a single earphone which still offers the stereo sound that you don't get when you only use one earphone from a conventional earphone set. Its only £15 so affordable- I'll review it when it gets here.