Well, it's not a cheap light, but the tiny cr2 ION has an amazing, super smooth flood. On the low setting you get 35-40 hours of light. Really good for reading or navigating dark trails. When reading there's no annoying hotspot, and for trail walking on dark nights the wide smooth flood does not annoy dark adapted eyes and provides excellent broad illumination. It has limited range but nothing hides from it up close. Just a stellar little light for close use. Very practical (if expensive). CREE based. I've got one of the older IONs based on the CREE Xlamp. Apparently the newer ions based on the XRE do not sport quite as smooth a flood, but I don't have first hand experience.
This light is always with me, on the keychain. I don't regret shelling out the $150.00 for this little light.