Well its hard to get bright and a long runtime unless you go to a waist mount battery pack. Which I personally don't care for.
Currently an inexpensive light I'm recommending is the Black Diamond Lunar 3AA for around $25.
http://www.bdel.com/backcountry/headlamps_lunar.html
Or the Princeton Tec Solo 2AA for around $20 (on sale at campmor). For caving you really want 2 headlamps (one backup, best if they are the same kind for interchangability) plus a 3rd backup that can also be mounted on the helmet. (I recommend the Opalec Minimag conversion and Duct Tape)
The Black Diamond has a really nice smooth focusable wide beam and a choice of 3 different bulbs (Low and Med come with it) so you can customize the light output. You can also go with the Gemini which also includes a LED, but its pretty dim, and the switching is complicated. You always seem to have to turn the other bulb on and off before you get what you want. I think you might be better off with an infinity or Arc AAA as a backup in the LED department.
I own a Duo and frankly don't care for it, but I still use it most time because it has a very long burn time. You use the low beam most then switch to the high beam when needed. I can easily get 6 hrs on NiMh with this setup. Problem with it include the bezel gets stuck so you can't change the bulbs and it doesn't tilt up, only down, which sucks for crawling in cave.
I haven't tried the 5 LED mod, but so far I am not impressed with multiple LED caving lights. They are expensive and brightness drops off quickly. The LS with regulator looks like a promising future.
I just bought a BD Supernova, so far I'm not terribly impressed <B>(edit- becomming more impressed see below)</B>. The non potted regulator is in the non-waterproof battery compartment, so reliability could become an issue if it gets wet. The led has a very lopsided beam because it is in the 9:00 position when it should have been in the 12:00. The light does have 3 brightness levels (pulse width modulated) but running a bulb below its optimum voltage makes the light very yellow, it is inefficient and it could blacken the bulb prematurely. Plus you could buy 3 Lunar headlamps for the price of this thing.
I am sort of a gadget-aholic so I've tried lot of things, but for caving you want something that is reliable and easy to fix. When you start getting into the fancier lights you can get circuit failures, switch failures, cord failures etc. The Princeton Tec lights are the simple and durable, no switch, no circuit, no wires. Plus they use common PR bulbs which you can get anywhere. I have had a battery cover snap break, but the light still worked with some duct tape and they have beefed up the design some since. Plus they are waterproof.
Damn, I think I just convinced myself to return the Supernova. <B>(edit- maybe not, the more I play with it the more i like it)</B>