Optimal way to set lights in BasicEffect?

I was curious as to what people are doing to set lights in their scenes. In DX/MDX it was a pretty trivial thing to do, but now lighting is distributed throughout the application. Setting up static lights is still pretty easy, but it's trickier with dynamic lights.

Does anyone have any tips or any clever ideas? My current implementation keeps a list of all BasicEffect instances and runs through and updates their dynamic lights every time there is a change. With hundreds of models with several effects each, this doesn't seem right.

Thanks in advance!

[576 byte] By [BenVanik] at [2007-12-27]