Romisen RC-G2. I bought mine modded with a PhotonFanatic SW0 and DX 7880 for $15, and I would have it in my hand right now but I gave it to my dad! I was thinking, a RC-G2 modded with a #7880 driver and KD warm white cree would be the perfect camping light for flashaholic. Cheap so you can loan it out, the color rendition of a incandescent, and awesome efficiency and brightness on one AA! UI can be confusing for those not in the know though...
SF Titan.
$3.50 is too expensive.$3.50 (1W 20-Lumen ):
http://www.dealextreme.com/details.dx/sku.14966
3 of these cost less than the $11.30 RC-G2
Wow. I wish I was able to call a $500 limited edition flashlight "cheap"