It's not just commercial aircraft. In the US (and most of the world), all aircraft will have those lights during night operations. [There are a few exceptions, such as aircraft without electrical systems - and yes, there are such things.]
The steady lights on the wings are called "position lights" (also called "navigation lights" or "anti-collision lights" or similar names). The one on the left wing tip is steady red (that's the left side, as you are sitting IN the aircraft). The one on the right side wing tip is green. There will normally also be a white tail position light (steady) on the tail.
In addition, most aircraft have strobe lights. A white light on each wingtip is common, as is a red strobe light on the tail or belly.
The purpose of the lights is two-fold (well, actually, the only REAL purpose is to help avoid collisions!). First, the strobe lights are there primarily to catch your attention. A flashing light is much easier to spot than a fixed light. The other lights are there to indicate direction. At night, it is very hard to quickly determine the direction of travel (left to right, away vs. straight at you, etc.). But by determining which colors are visible, you can quickly determine the orientation of the aircraft. Whelen (a primary producer of aircraft lighting) has a web page with nice diagrams:
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=7&ved=0CDkQFjAG&url=http%3A%2F%2Fwww.whelen.com%2Fpb%2FAviation%2FSystem%2520Requirements%2FAnit-Collision%2520Systems.pdf&ei=v1wDVOv8E8nzgwSyroGABQ&usg=AFQjCNHZf7nhnmC_Mj0wp44-uLXBFB8gJA&sig2=h61HBbMEeD6fZA6vF9Czyw&bvm=bv.74115972,d.eXY
Hope that helps. [And the short answer to your question is - because one midair collision can ruin your whole day (or night)!]
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