You would be wrong.

Fenix makes quality flashlights. Not the stereotypical pieces of Chinese junk. Have you ever used a Fenix Flashlight? They are made with quality and will last a long time. Yeah, they are not $200 Surefire's, but they do the job fine. The Eo1's are great lights.

I'll second the Fenix recommendation. I've got several. L1D, L2D, or P2D (all three use the same head) for EDC on belt. L0D for more discrete times.

edit:
Also the L1/2T that got retired for the D series.

I may have found the holy grail of $10 LED flashlights at Costco (Edmonton, Canada):

Lightwaves 3 Watt LED flashlight -- first impressions:
- Cree LED with optical lens, good 50+ yard spot with secondary spill, good colour
- runs on 2 AAs, Duracells included in package
- heavy aluminum body, black finish, good grip
- reverse clicky, nice and firm, hard to turn on accidentally
- water resistant (dunkable only)
- pocket clip included, a bit lightweight but okay for casual use
- five year warranty with an actual address to send them to (!)

2-pack selling for $19.99 CAD !!

This appears to be a helluva deal. I bought a pack, and testing is underway. Sorry, no pics online that I can find.