Best value is probably still the Elly for $5-6. I've bought the cree version they sell and its not much brighter really and the quality of construction is not too good either (i've bought 10-12 and at least 4 did not work as received).
I will continue to buy them, they are nice, cheap lights, and with a little re-work can be made very reliable. Very easy to swap in different LEDs, electronics, and reflectors. Can't beat either version for the price.
schiesz