Been trialling one of these out for a week or so: cost me under 10 UKP shipped from Honkers via Deal Extreme:
http://www.dealextreme.com/details.dx/sku.6103It's a 1x CR123A (I'm using 3.6V soshine rechargables from the same source) - it's a twist on/off Cree P4 torch with a pocket clip. I'm really quite impressed. Bright as anything, small, robust (although the black powdercoating has scratched under the pocket clip already) and very nicely made.
On a similar EDC note, they do ten packs of fauxtons for less than the price of a bar of chocolate each which are also good - I've one attached to the zipper of all my outdoor jackets, one on my keyring etc....