Congrats on the new bike! That's always a happy occasion.
I've never seen the Princeton Switchback models but I have to admit that they look very interesting. I'm less a flashlight guy than a cyclist and would say that there are a few thousand people on this forum who can give you much better technical info on lights than I can. Nevertheless, I'll weigh in because I've done a bit of night riding while doing endurance rides and have given a lot of thought, and not a little cash, to the problems of getting good light. As a general proposition, I'll stick my neck out and say that the high-tech flashlight manufacturers are almost always ahead of the bike light manufacturers. I just don't see much out there in the bike world that can compete with, for example, Fenix products, at least where battery powered lights are concerned. Although these aren't made specifically for bike use, there are easy methods of adapting them, i.e., Two Fish mounts on the handlebar or, for better security and more rigidity, Terracycle mounts. Go to the 4sevens.com site and do some shopping. The best bang, I think, are the 2AA lights with Eneloop rechargeable cells and a smart charger. You'll spend less for two lights than even the cheapest Switchback and have an excellent system with redundancy.
Though it exceeds your price target, my current system is a Schmidt SON20R generator hub feeding a Supernova E3 LED. Awesomely bright and it runs any time the bike is rolling. For details, have a look at the lighting section at peterwhitecycles.com. I should admit that I do have a 2AA Fenix light for backup because the E3 gets dim at 4-5mph, which happens a lot on hills!