I'd say go and pick up an Malkoff MD2, the two stage ring and whatever drop-in tickles your fancy - uber versatile, infinitely uprgadeable and from great folks!
And even cheaper over in the marketplaceEagletac T10L. It has 2 modes, relatively high output on high, and one of the best beam patterns out there. It seems like you can get it for £49.95 (not counting shipping) from a couple of different sites in the UK.
MG L-Mini II if you want one of the smallest 18650 lights.
Or
MG PLI mce-e light - a bit bigger but 450-500 lumens
Both are fully regulated, 3 modes and drops from high>low when battery voltage is too low so they wont leave you stranded without any light.
I use both on my mountain bike for off road night rides.
Shining Beam sells them but availability does come and go because they are so popular.
I bike and run at night to keep my fitness up and would like a good all rounder, nothing to big or expensive, any suggestion I was thinking about an tr 801
I have a TR-801 that I'm willing to sell you (I have a better light now) for $8 shipped, when you get your batteries. You got protected 18650's, right, not the unprotected ones? If you got unprotected, just change out the batteries every chance you get (and if possible, every hour to hour and a half, to prevent overdischarge. Nobody likes dead batteries :sick2
(its this one: http://www.dealextreme.com/details.dx/sku.13095)