Cheapo - I haven't seen tons and tons of lights yet, but if you could bend the rule just another .4", I have seen an Inova T2 and would give the nod to that.
Brighter and further throw than the T1, .6" shorter than the T3, a huge runtime advantage over both, plus I've seen it as low as $42 (plus shipping) on the net. I also think it looks pretty damn sharp.
It certainly fits the bill as far as throw with no spill but to be honest, I find nothing unpleasant about using it indoors, even pointing up at the ceiling... the ambient lighting from it substitutes for spill in a way, and the spot does spread out with distance. And maybe the owner got lucky, but I really haven't observed the harsh rings that many seem to make a big deal about.
But, this is about a small throw light. It works quite well outdoors for backyards, etc... medium range I suppose. If you can deal with it being 5.9", the T2 should do the trick.
I've really been itching for a T3, but other expenses lay claim to the wallet right now.