Ok, just to expand your horizons a bit, let me bring this light into the mix (then I'll explain why):
http://www.cpfmarketplace.com/mp/showthread.php?t=166478
1.
Compact, single cell light: This could easily fit in a pocket, fanny pack, glove box, belt holster etc., and technically it can run on 1x18650 rechargeable battery (or two CR123, OR two RCR123 batteries, very versatile).
2.
Multiple settings, with very high top output: BINGO, your choice of a 5 mode, or two mode (I like the 2 mode because it will run on 1x18650 OR 2 CR123 primary batteries ... the 5 mode can only use 1x18650).
3.
Quality Lens: Yep.
4.
Good runtime: How about over 2 hours at close to 200 lumens, or about 20 hours on the low level.
5.
Reliable switch: Hmm.... twisties tend to be more reliable, but clickies are generally preferred for ease of use... this has a forward clicky.
6.
No more than $60: $65.50 shipped
7.
No obsolescence: Ahhhhh, here is where this light shines! It utilizes a user replaceable, industry standard P60 light module that simply drops into the light. When newer, brighter, better LEDs become available.... and they will become available, just buy the new LED module for less than half the cost of a new light, and you are in business again with the latest and greatest!
Here is a review:
http://www.lightreviews.info/dereelight_cl1h/review.html
I don't currently own this light, but only because I recently spent all my light money on the NovaTac 120P (which is a seriously fun pocket light, worth the extra money to a techie like me). However, I've been following this light closely, and thought you should take a look at it for another perspective on possible directions to take. Happy hunting!