There is an evident difference between one-dimensional real line bundles (as just described) and one-dimensional complex line bundles. In fact the topology of the 1×1 invertible real matrices and complex matrices is entirely different: the first of those is a space homotopy equivalent to a discrete two-point space (positive and negative reals contracted down), while the second has the homotopy type of a circle.
A real line bundle is therefore in the eyes of homotopy theory as good as a fiber bundle with a two-point fiber - a double covering. This reminds one of the orientation double cover on a differential manifold: indeed that's a special case in which the line bundle is the determinant bundle (top exterior power) of the tangent bundle. The Möbius strip corresponds to a double cover of the circle (the θ → 2θ mapping) and can be viewed as we wish as having fibre two points, the unit interval or the real line: the data are equivalent.
In general if V is a vector bundle on a space X, with constant fibre dimension n, the n-th exterior power of V taken fibre-by-fibre is a line bundle, called the determinant line bundle. This construction is in particular applied to the cotangent bundle of a smooth manifold. The resulting determinant bundle is responsible for the phenomenon of tensor densities, in the sense that for an orientable manifold it has a global section, and its tensor powers with any real exponent may be defined and used to 'twist' any vector bundle by tensor product.
The first Stiefel-Whitney class classifies smooth real line bundles; in particular, the collection of (equivalence classes of) real line bundles are in correspondence with elements of the first cohomology with Z/2 coefficients; this correspondence is in fact an isomorphism of abelian groups (the group operations being tensor product of line bundles and the usual addition on cohomology). Analogously, the first Chern class classifies smooth complex line bundles on a space, and the group of line bundles is isomorphic to the second cohomology class with integer coefficients. However, bundles can have equivalent smooth structures (and thus the same first Chern class) but different holomorphic structures. The Chern class statements are easily proven using the exponential sequence of sheaves on the manifold.
One can more generally view the classification problem from a homotopy theoretic point of view. There are universal bundles for real line bundles (respectively, complex line bundles). According to general theory about classifying spaces, we should look for contractible spaces on which there are group actions of the respective groups C2 and S1, that are free actions. Those spaces can serve as the universal principal bundles, and the quotients for the actions as the classifying spaces BG. In these cases we can find those explicitly, in the infinite-dimensional analogues of real and complex projective space.
Therefore the classifying space BC2 is of the homotopy type of RP∞, the real projective space given by an infinite sequence of homogeneous coordinates. It carries the universal real line bundle; in terms of homotopy theory that means that any real line bundle L on a CW complex X determines a classifying map from X to RP∞, making L a bundle isomorphic to the pullback of the universal bundle. This classifying map can be used to define the Stiefel-Whitney class of L, in the first cohomology of X with Z/2Z coefficients, from a standard class on RP∞.
In an analogous way, the complex projective space CP carries a universal complex line bundle. In this case classifying maps give rise to the first Chern class of X, in H2(X) (integral cohomology).
In this way foundational cases for the theory of characteristic classes depend only on line bundles. According to a general splitting principle this can determine the rest of the theory (if not explicitly).