Just went over to
http://www.woot.com/ and they have a 1 watt Luxeon headlamp for $10. I currently have a similar product that also uses a 1 watt Luxeon and I have been super happy with it. I run a 400L on my bars and the 1 watt Luxeon on my head. The Luxeon has been a great companion to the 400L. Super narrow beam perfect for use on your head with great battery life. My current light is discussed here.
http://www.bikeforums.net/showthread.php?t=338733
Anyone seen/used this cheaper one? If it is as bright as the one I currently have, I am going to pick up another one. For the price, it is certainly worth checking it out.
EDIT - It seems my current light is actually 3 watt. I am doubting this will have the throw I was expecting.