I just picked up a River Rock Nitefire 2C LED Flashlight from Target. It was really a no brainer since it was on clearance for $13.74 +tax.
Everyone knows about my little addiction problem!

I heard good things about this light and wanted to throw my 2 cents in.
This light has the smoothest transition from spot to flood that I have ever seen in a cheap light. The tint of the beam is slightly blueish, but warmer than I expected. The spill is quite impressive for a light of this price range. They claim 136 peak lumens. Its probably not that much, but it is a Cree emitter.
The C cells are a weak link. I have adapters that will allow me to run AA batteries in place of the C if I need to go into rechargeables.
The body is pretty heavy duty on this light. It would probably not survive club use, but it could be used for that temporarily. The threads are anodized so they will hold up a while.
If you guys can pick up one of these lights for under $14 and you need a decent utility light, I would go for it. Not much money for that kind of light quality. I am happy to say that I am impressed.
Candlepower forums review of this light