+1 on the Streamlight PP Lux. I have one, and it's a GREAT light--the best "thrower" of any LED light I own, and great runtime at about 4 hours. It doesn't have the widest spill for walking, but that's due to the deep reflector that is tuned for long throw. They're also very water resistant. The C-cell version is very nice also.
Fox International sells them for $24 plus shipping.