looking for a handheld, waterproof flashlight with decent battery life, with maximum range in mind.
handheld: since you specified that a Mag 4D was huge, i'm assuming you want something smaller, maybe up to the size of Mag 2D?
waterproof: since you're going camping, i'm thinking maybe rain-proof instead of a dive rated light
decent battery life: how many hours is this?
maximum range: how far do you need it to throw? If camping would a 100 ft (roughly 33 metres) be enough?
I own an LED Lenser P14, its focusable and can throw 50m (150ft) easily. Being focusable, it's got the best of flood and spot (though not perfect beams of course). Waterproof? i havent tested mine but apparently it is, there is a review of the P14
here and you can do a youtube search for "led lenser p14" and check out some videos for yourself.
It's got 3 modes, click once for high, click again for low and semi-click for turbo (which isnt all that much brighter than high but it IS noticeable).
Batterylife is supposed to be for 100 hours (i'm assuming that is on low mode).
You could get that light, a few packs of AA cells and be all set but for camping i really would recommend that you also get a headlamp and if you want to standardise your cells, get a zebralight h501 it runs on 1xAA and i love mine, very very useful.
ALWAYS have a backup light, mine is a Fenix E01 and i KNOW that it will work when i turn it on.