You get what you pay for.
It may be a decent light for $5, but I wouldn't trust my survival to a $5 flashlight.
I tend to agree, but there are some fairly inexpensive lights that I think are up to the task. But the price range probably starts around $20. Here are a few examples off the top of my head:
Princeton Tec Attitude - $18.50
Gerber Infinity Ultra - $17.50
Underwater Kinetics Mini Q40 - $16.95
Options open up considerably at about the $35 price point. For example:
Underwater Kinetics Mini Q40 eLED Plus - $28.25
Underwater Kinetics 2L - 26.95
Surefire G2 - $35
-john