I had a taillamp fall off on a recent ride... It was a Vetta 3-LED flasher that I'd had for ages. The mounting fatigued and broke. I found it the next day, run over, destroyed.
So... I stopped at my LBS and bought a recemmended-by-the-shop-owner light, a Trek Xenon strobe. I was skeptical... it was rather small, and lacked the never-fail quality of LEDs...
BUT! This light is B R I G H T ! Bon sang, stare at it and risk damage to your vision! I'm not joking... If your LBS sells Trek bikes and accessories, (The General Motors of the velo)drop in and have the folks there give you a demo.
I think it was US $15.
PS, I usually run two headlamps and two taillamps... One headlamp lights the road 4 to 8 meters ahead, so I can see, the other lamp is aimed into oncoming traffic... so that I may be seen. Plus, if one fails, I can swap them on their mounts and continue on my merry way. Out back, I run one multi-LED flasher on the bike rack, and one strobe light, higher up... I sew a strip of nylon strap fabric to my backpacks, onto which I can clip a taillight.