I'm using a cheapo Garrity 8 LED (from Walmart) right now. It's a little heavy but with 3 AA batteries the life so far has been outstanding. It has a 1 watt Luxeon main light with 3 intensity settings, 3 std. white LEDs. These can be turned on 1, 2, or 3 at a time. It has 2 front red LEDs AND 2 rear (on the battery pack) red LEDs which can be turned on steady or set to flash for high visibility. Add the fact that it's water resistant and can run full power for days and it's a winner! I paid $28 but that's up here in Canada so I figure it's in the same price range you're all talking about.

It's not EDC unless I'm hiking/camping/etc. The EDC prize is held by my Petzl e+Lite which I can wear on my belt every day. When I have the Garrity, the e+Lite is my backup. Paid $28 for this one too. Between the two and and the Gerber Infinity Ultra I've got light to spare and then some.