These lights have been on my bike for 2 years. Sure, they are headlamps, but remove the strap and there's a nice pivoting bracket with a hole in the middle. Use a rubber coated c-clamp to mount to handlebars, and now they flip down when you don't need them, and stay put when you flip them up. The c-clamp also allows you to position the light up and down, and they will turn laterally on the bolt as well so they can be aimed any way you please.
With one of these on either side of the stem, they are bright enough to trail ride at night (on not particularly tech singletrack), or light up a whole street and stop signs 2 blocks away. Wide pattern with no distracting shadows.
8 total LEDs, 40-60 hour (non-continuous) run time on 3 AAA each. About $40 each.
I haven't seen a brighter solution in a purpose built bike light at an $80 price point... ever. Apparently, there's a new version which comes just shy of doubling the light output at a slightly higher price. I would check it out, but am very happy with the lights I have now.
And no, I don't work for these folks... I was just in the market for lights for a new bike, and couldn't find anything better without spending $$$.