I have had Petzl Tikka, Black Diamond Spot and beefier version, and princeton tek. The petzl was my favorite, but a little heavy. The Black Diamond Spot is a little too flimsy. The Princeton tek is very flimsy.

If you could incorporate the following, I'd buy for $40:
1.Sturdy, water resistant housing.
2.Bright 70-100 lumens.
3.One handed on-off.
4.1-3 oz