I've found that for quality/cheap, it's nearly impossible to beat these:
http://www.dealextreme.com/details.dx/sku.1253
Black Flashlight Keychain 22000mcd 10-pack (under $5 before shipping).

I was having problems with my inova coincell light being too easy to turn on in my pocket. These will squeeze as well, but the switch is momentary. You need to apply force and keep it there, and it's fairly focused force and take some squeezing to activate. Not too much mind you, but just enough to keep it from lighting in a pocket. Plus it has a little plastic on/off switch that can set it to hands-free mode.

Mine is still bright and I use it all the time. It's not a DR Photon, but for 50 cents a pop, you can lose them and never look back. I also give them away once in a while.
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Experience is a hard teacher because she gives the test first, the lesson afterwards.