I really like the JetBeam PA40 @ around $50... IPX8 waterproof and uses 4AA's, comes with a belt holster. 4 brightness levels with a max output of 468 lumens, down to only 2 at the lowest setting. Has a battery status indicator so you know how soon you'll run out of juice, and it auto-dims to the next brightest setting as voltage runs down, so unlike a lot of LED flashlights, it's not bright one minute and totally dead the next. The battery status indicator also shows times remaining at the current brightness setting, so you can adjust brightness and see how much longer the light will be GTG at the lower setting. Clicky switch can also be momentary press/released without clicking it fully, which is nice. Oh, it also remembers last brightness mode so you don't have to fuck with it every time you turn it on/off to set it to the right brightness.