It represents a good buy for the money, IMHO. I was at Wallymart today, and they had them for a little under $8. This includes a set of off brand alkaline batteries, too. That's worth about $1.50 to $2.00.
No it's not high tech, nor is it very bright, and the beam needs to be spread out a bit, but for $8, you do get a very solidly built, 1 LED light, that is very tough; the rubberized ends on the light make it very shock resistant; much more so, I think, than LEDCorp's 'best all aluminum flashlight', which delivers the same amount of light at many times the price.
As mentioned earlier, this light makes a good toy for children, as it's not bright enough to hurt their eyes, and it's tough enough to stand up to abuse. And if they leave it on all night, it will still be running in the morning.
This light is almost as cheap as some 4AA off brand incandescent lights I've seen, usually around $5 to $6. But the Cool Blue will outlast many of them; despite it's low cost, it's really quite well made. It's not as bright as the Brinkmann Long Life, but it's much tougher.
If you want a brighter light, then the Brinkmann Long Life, at around $11 to $12, delivers a much better beam. But the housing is thin, cheap plastic, and not likely to stand up to being dropped, etc. much. And I hate to think of what would happen to the houding in cold weather!
For me, it's more of a novelty,n since I own a number of LED lights now, but if it's one of your first LED flashlights, it's a very decent one.