eBay with Daily Steals has the 27 LED Work Light Hook Flashlight for $6 with free shipping. Features a built-in magnet, 27 LED and 3 LED light modes, and requires 3 AAA batteries (included).
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not sure I like to look of the plastic hook or the built in magnet that looks kind of like it's just glued in, but for $6 .
if you have Harbor Freight tools near by - it is on sale for $3.99 and ok quality to me.
http://www.harborfreight.com/27-led-portable-worklight-flashlight-67227.html
If Harbor Freight sells it too that lets you know something about the quality. But again, for $6...
Bought these from Harbor Freight a year ago on sale about $4.00, the magnet holds well and seems to be built in to the case, the Hook folds into the case as well, powered by three AAA bat's. Would buy again, very handy.
TSC has them $3
Not positive if they have a magnet though