I'll 3rd the suggestion for an HDS.
Surefire L1 : $135
HDS EDC Basic 60 or 60LE : $137 (click
here). Or the 42 for even less.
Significantly greater output, 4 brightness levels, a much more usable sidespill, much smaller, and can use rechargable R123 Lithium-ions. I have a 42XR myself, and it's a fantastic light.
Both the HDS and the SF L1 will smear the Fenix when it comes to output. The reason the Fenix gets so much press is that, although not that impressive vs 123A cell based lights, the Fenix is
very impressive for a 1xAA light, and works great with NiMH rechargables. Not to mention the wallet-friendly price.
Or, for the price of the L1 or the HDS, you could get a Fenix
and a set of NiMH rechargables with charger
and a Nuwaii Q3
and a Li-ion charger kit with 2 protected batteries.