Maratac AAA. $22, 3 light levels, pocket clip, and key ring size. Possibly the best bang for you buck light out there.
Sparky was showing off this little light at the recent UK meet-up. http://www.dealextreme.com/details.dx/sku.26792 I think it's fair to say we were all impressed with it. As jzmtl says it's a optic so it's got a totally smooth "ball of light" that can be adjusted from a tight spot up to a completely regular flood, it would seem to cover your other requirements as well. This is a CR123 light but perhaps they do a AA version? I think there are a few folks on here that know a lot more about Romisen lights than I do.
Quote from: Gareth on May 30, 2010, 11:31:00 PMSparky was showing off this little light at the recent UK meet-up. http://www.dealextreme.com/details.dx/sku.26792 I think it's fair to say we were all impressed with it. As jzmtl says it's a optic so it's got a totally smooth "ball of light" that can be adjusted from a tight spot up to a completely regular flood, it would seem to cover your other requirements as well. This is a CR123 light but perhaps they do a AA version? I think there are a few folks on here that know a lot more about Romisen lights than I do.I like this one a lot, the only thing (if it matters to you) I don't like about it is you need two hands to adjust the 'focus' of the beam And at 14 bucks you can't go to far wrong