Mostly. I think there is a context that makes sense: The third world. If I had no resources and batteries were unobtainable, a light that was nearly indistructable and worked basically forever and didn't cost anything to run would be valuable indeed. One that you could pass down to your children.
On the other hand, flashlights have come a LONG ways recently, and it is possible to get lights that are very cheap to run, or can be stored long term.
So my kids enjoy using their flashlights close to bed time, but fall asleep with them on, and we go through a lot of batteries.
The first light that comes to mind is the
Princeton Tech Attitude. It has 3 x 5mm LEDs and runs on 4 AAA cells. It outputs a resonable amount of light for close work like reading, is waterproof, simple and nearly bomb proof. And it even comes in semi-translucent colors! :-)
Other posibilities are the
Gerber Infinity Ultra with a white LED. This light has one 5mm LED and runs on a single AA battery. While it outputs less light, it still outputs enough to be useful and has a long runtime. This light is also waterproof and nearly indistructable. The main downside is it would be a lot easier to lose.
If the kids are a bit older and can be trusted to take care of things a bit more, a Mini Maglite with an
Opalec Newbeam bulb replacement is very nice. While only 3 x 5mm LEDs, it outputs a reasonable amount of light and transforms the Mini Mag into a very sophisticated beast. The best part is that it has a regulator to maintain constaint output for about 10 hours. This light is very efficent and can run from very cheapo batteries.
Good luck!
-john
EDIT: I'd also suggest you avoid lithium powered lights for kids. They can be dangerous if damaged.