I have a Rayovac Sportman Xtreme 3-watt Luxeon LED - I've only had it a few weeks, but have used it several times. It's got a very good light, seems to be pretty water tight, and has a twist cap for on/off, and a button on the end for signaling.

I think it's a AA light though, so maybe bigger than what your looking for. I just cally mine around in my backpack to have on hand in case I need it.

I've also seen those Redline flashlights, and they have multiple power settings, strobe, adjustable beam and a magnetic base. Those also appear to be very nice IMHO, but don't actually own one.