I like lights that have high "value" for the dollar spent...
examples:
thor: most people can't believe you can get em for $30-60, well worth it for the sheer aw factor and goofy toony look.
LEDBeam: decent build, beautiful beam, super long run time, great output for an LED, only $25.
G&P alternatives to Surefire: especially the G90 lamp, being very bright and efficiant and available for cheaper..
Rechargables instead of Primaries: Stretch out an investment a long way.
my flashlight collection is still very small in comparison to many here... Thus far- the most bang-for-buck I have bought is the little 28LED light from AXshop, under $10 shipped and in a ceiling bounce test it outlights both of my 3W luxeon lights. I like buying a light for that price and being so impressed.
I'd love to own a nice surefire, but my budget just doesn't allow, so i look for alternatives.