If you don't have a headlamp yet, then I would look into one before any handheld flashlight.
I started camping again about two years ago after a 10 year break. I used to use handheld lights like my old Mini-Mag lite and others. A couple of years ago, I borrowed my wife's 1/2 Watt $10 Streamlite Enduro headlamp I bought her. It was just something I picked up at the electrical supply store while working.
Here is a link:
http://www.botachtactical.com/stenledhe.html
It was my first use of a headlamp for hiking. It really impressed me as being very handy. It was nice not to have to keep one hand free to hold a light. It was LED so it lasted the entire 3 days and night with no problems on a single set of batteries. I brought an extra set of batteries and a couple of Surefire G2s as back-ups but I never needed them. That little Enduro was all I used all weekend. I never had to use the extra batteries and I have used that same Enduro with the same batteries it originally came with on three camping trips now as well as using it around the house and working on the car. The batteries must be 4 years old now.
To make a long story short, I was so impressed with the headlamp and LED that I sold off all my incan Surefire and Maglites and bought LED flashlights and headlamps.
I bought one of the PT Eos headlamps because it was so highly recommended here. It didn't disappoint. About the only thing negative about it is, if you need a LOT of throw, look for something else. It had a good bit of throw but if you need a true spotlight to shine a beam across a valley or far down a trail, it is going to diffuse too much.
No one headlamp will be perfect for all people in all situations. That is what the EOS tries to do, it is a jack of all trades light that really does work well for 95% of the things you will use a headlamp for. It is high quality and waterproof. It has been reliable for me for over a year now. It is a good headlamp to start with as it is sort of the standard by which others are judged. You can get them cheap (~$30 shipped) so if you don't like something about it, you haven't wasted $100+ and you can just offer it up for sale here and someone will buy it as it is a usefull light to have.
Here is what I have gone to for night hiking:
Main light source, PT EOS II headlamp.
Back-up to headlamp, PT Pilot. It is a small LED light that straps to the band of your headlamp and works great as a reading light or emergency light if your main headlamp fails unexpectedly.
Light for inside the sleeping bag: Photon Freedom Micro light. It came with a necklace attachment so you can wear it around your neck and have it always at hand in the dark. I have used this a few times when woken up in the middle of the night and couldn't find the other lights. It is plenty of light to find your other lights and items in the tent.
Spot light: Used to carry a Surefire G-2 incan but now carry a Romisen RG-G2. I would prefer something even more powerful and spotty for long distance. Still looking for the perfect compact spot light.
I feel like I have my light sources well covered for hiking with the exception of still needing a better spot light. The other lights work well for me and I don't feel any need to upgrade. I got them all on sale and have spent less than $70 for all the lights mentioned.