I've been using Vaseline (Petroleum Jelly) on my maglite for years and have never dissolved an O-ring to the point of disintegrating or breaking apart. It's cheap and has worked, even Maglite recommends it too http://www.maglite.com/faq_details.asp?faqProd=D
I have heard people using chap-stick to lubricate the o-ring as well.
If you are able to find some dielectric grease, they are economical as well.
I use Nyogel, a small tube I have has lasted for 3 years, and is still 90% full. When you factor in how long it last, it works out very economical
What about mineral oil?
On my MSR stove that is what they recommend for the o-rings. I figure a lot more could go wrong with the stove if the o-rings failed then a flashlight but I'm curious just the same as to what others think about it or their experience.
Cheers
Go to your local hardware store near the plumbing section. Look for "Silicone Grease". Make sure it does not contain Petroleum Jelly. This I found is perfect for protecting O-rings, easier twisting among threads, and not to mention it cost me $2.91 with tax included :thumbsup:. I've used it on all 12 of my flashlights, and it there is so much, it looks like I have not even touched it at all! This IS the poor man's lube ... that delivers...