B&H Photo Video has the Surefire P2X-B-BK Fury Dual-Output LED Flashlight for $106 with free shipping. Delivers either 15 or 500 lumens of focused light, has micro-textured reflector, and weighs 5.7oz. [Amazon Reviews]
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$119 @ Amazon.
78 Reviews. 4.7 out of 5 stars.
Includes high-energy 123A batteries with ten-year shelf life
Even in my dreams, I never think I would spend over $100 bucks just for a flashlight. Really crazy...
In your dream I doubt there's a small tactical flash light that puts out 500 lumens. That's Cree XML kinda output in a package much smaller.
I have this flashlight and it is like having the sun in your pocket.
Highly recommended. Throws a solid tight spot anywhere you need it. Of course on high power you will eat up batteries like nothing. But for a small compact SOLID light that is durable, well made, and guaranteed to last. This is worth it. I have owned 5 dollar lights, many in fact. Many other brands as well. But I put my money on Surefire for quality and easy weapon light conversions.
Do it!
#3, pinch yourself
http://www.youtube.com/watch?v=mnkjvEdeIlc
In just a few minutes, the business end of this is too hot to touch.
I had many cheap flashlights (those with 15-50 LEDs), and, yes, all of them were junk. However, the knock offs with CREE LEDs delivering 100-1000 lumens available on the auction web are really good and have exceptional build quality. For about $15 you can get a very, very decent flashlight. With current LED tech, you are often limited by how much current you can draw from a battery and those $15 flashlights can max it out, just as well as those $100 ones. After comparing those $15 flashlights to $200 ones, both were pretty identical (if you ignore the fancy packaging).
^ There are significant differences in reliability and longevity. Right out of the box the generics seem like a great value if the QC of the specimen is good (often they need a tear-down and cleaning to work properly), and they may or may not really be waterproof, but if you use them regularly they seem to fail within a couple years.
Use them half as often then maybe you get 4 years and so on, so you have to consider the use and the position you're placed in when the day comes that it fails. For casual intermittent use I'll agree that a $100 light may be overkill.
You can damage a major brand light too, but it takes a lot more abuse and/or a lot longer to do so. Anyway, IMO this light is lacking in not having a middle brightness mode around 150 lumens, often you might need more runtime than whatever fraction of 1.5 hours your partially drained cells will allow, but also want more than only 15 lumens.