I agree with Paul6ppca about the MK-II. Even though this light requires a slightly higher initial investment than you would like to spend (a little over $70 instead of $50), it will save you time and money in the long run since it already has all of the features you are likely to want further down the road.
The Fenix lights are perfectly adequate, but the "low" on the "T" series is too bright and uses a resitor making it far less efficient that the MK-II "low" (which can run for almost 30 hours at the brightness of an infinity ultra or reflectored Inova X1). The Jet finish is a very well done "true" HA-III and the UI to change levels is easy to use and intuitive, not to mention the perfect bright white beam the reflector creates.
If you are on a budget, I'd go with a Civictor or pick up an L1P for cheap on BST (and you can always do the old-school resistor mod if you want a low mode).
Otherwise, only other light I might consider is the LiteFlux, which has certain drawbacks (longer, larger body and a fairly inefficient resitored low mode, also the stock reflector isn't the best), but uses a "true" clicky which is rare in these type of lights and also have a nice intuitive level-switching mechanism, as well as very good regulation on high.
Still, IMHO, I'd either get the MK-II and be done with it, or get something cheap for now and wait it out for the next breakthrough light to come around the corner.