Nope. I always keep a few around but they just don't "do it" for me anymore. To me cheap lights are always "flavor of the month" whereas the more expensive ones have a lot more thought and longevity built into them. I find myself appreciating the design and build quality all of the time whereas cheap ones I've picked up over the years I just end up shelving and loaning them out.
For instance, I just dug out my Fenix TK10 recently and I thought, wow, this is a really cool light and as I was playing around with it I realized why I never really took to it-- there's not quite enough grip for my hands and it is extremely top heavy -- don't get me wrong it's an excellent light for what it's worth but these are minor nitpicks that I have that prevent me from fully enjoying it. That, and the crenellations on the tailcap really get in the way.
There are always exceptions too-- the Fenix L1P and L2P, as well as the Inova X5 and Nitecore SmartPD's, are some cheapies that really do work for me.