Please take a good look at the Black Diamond models, available at REI or the like. Some of them have regulation on the incan, and all are under (perhaps by a few pennies) $70.
I'm itching to buy one...
I can't remember the names, but they do have one for about $40 that had both incan and led, it had several levels of replacement lamps for different brightnesses and run times, and it didn't look quite as dorky as the rest. That one didn't have regulation, but at that money regulation's pretty hard to find in an incan light. Took three AA's, as I remember, but the higher end models take 6. I think they also have a remote option on the battery back, which can be nice in cold weather. Do you go ice fishing?