I may have found the holy grail of $10 LED flashlights at Costco (Edmonton, Canada):

Lightwaves 3 Watt LED flashlight -- first impressions:
- Cree LED with optical lens, good 50+ yard spot with secondary spill, good colour
- runs on 2 AAs, Duracells included in package
- heavy aluminum body, black finish, good grip
- reverse clicky, nice and firm, hard to turn on accidentally
- water resistant (dunkable only)
- pocket clip included, a bit lightweight but okay for casual use
- five year warranty with an actual address to send them to (!)

2-pack selling for $19.99 CAD !!

This appears to be a helluva deal. I bought a pack, and testing is underway. Sorry, no pics online that I can find.