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I sort of doubt the average mugger would know a $250 flashlight from a $25 flashlight, or even realize there was such a thing.
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If you want to carry a good flashlight, but are worried about muggers, get a MiniMaglite and abuse the s**t out of it (i.e. wear off most of the anodizing). Then, load it up with a Luxeon "pill". To a mugger, it'll look like a beat-up piece of crap that's not worth stealing.