I still keep a Arc AAA-P on my keychain, but it's not my primary flashlight. I carry the Fenix L1D CE (single AA) most of the time now. I've dropped it a few times and it's bounced around my laptop back and pocket quite a bit with only a little wear around the split ring holes. I feed it with rechargable AA cells and use it all the time. I originally resisted buying a Fenix light because the Arc AAA-P had such a better battery light, but with occasional use, I get months out of the Arc and weeks out of the Fenix. I carry a spare battery for each either way.

If I were a first-time buyer, I'd really consider the AAA version of the Fenix over the Arc. I find that the Arc is often not bright enough to really do the job. If the lights go out and I need to see where I'm going, I need to slow down and look carefully until my eyes adjust. Even on the lowest output, the Fenix is plenty bright enough to walk normally.

I've got a Brinkmann Maxfire LX sitting around here with dead batteries because I'm A) too cheap to buy them in the store and B) too lazy to order them in bulk online. I used it sparingly because A) the batteries are expensive and B) the bulb doesn't last forever.

Bang for the buck? I'd say a $4 coin cell keychain light. Then maybe a $20-30 Rock River / River Rock (whichever) light from Target.

Knife-wise, I'm still not a Gerber fan. The fit and finish of the under $40 knives just doesn't impress me. I'd rather have a Spyderco Delica or Endura for the price. Or personally, I'd rather have a 2 or 3 layer Swiss Army Knife.