I guess a better analogy is that radiant foil in your attic that is like putting a tinfoil hat on your house. It doesn't really do much, but those who think it does sure believe it.

Disclaimers -- I'm talking exclusively about retrofit situations in south Texas (IECC 2009 Zone 2) here. New construction can and should have several engineered solutions to some of these problems that make radiant barriers, roof deck insulation, and other systems both passive and active into a good decision.
Re: roofing material -- lighter roofing material will do about as much as radiant barrier just because it's got a higher albedo. If you're considering doing all the work of a radiant barrier, though, you should look into
Energy Star rated roofing materials -- some of them are really neat. I really like the stone-coated stainless steel panels... about 50% more than 30-year asphalt shingles, but they're 50 year rated, won't be damaged in a hail storm, and provide fire protection -- while still looking exactly like an asphalt shingle.
Excessive heat gain in an attic space is a failure of passive ventilation in your attic space. Active ventilation (attic fans) can be bad because they can pull air out of your house. Having an excess of soffit vents and enough air exchange out the top of your attic should keep the attic 10-15 degrees warmer than the outside air, max.
Most attics I've been in have been dramatically undervented; the calculations that the industry uses are based on the square feet of the attic and inflow/outflow balance, and are not based on how of the air inside the attic is exchanged. So while it might be "right" to have a 2.5 story house with a 1200 sq foot 2nd floor have only 32 linear feet of peak vent offering 18 free inches per foot, by my back of the napkin calculations, you only exchange the air in that attic once every five hours, which is why your attic is hotter than the outside... the air sits in there to get heated. Add a continuous soffit vent all the way around the house and the peak ventilation you need & the air exchange rates change by a lot.
Tinfoil in a window isn't very effective at blocking heat/light coming in -- the solution is to use a low-e coated glass and a dual pane window. The same is true for radiant barriers in your attic.
[This message has been edited by superspeck (edited 7/11/2011 11:13a).]