IMHO, I second the Fenix EO1 aaa battery powered LED light. Its a little brighter than my Gerber Infinity which runs on aa batteries and costs 15 to 20 dollars. While the fenix can be had for 10 bucks with free shipping form fenixstore.com

-Bill Liptak
P.S. The reason LED lights cost more, again IMHO is because light manufacters will "lose" money over time because of the longevity of the LED "bulb". So they up the cost to recoup losses.