I know this LED light has been mentioned in a few other threads, but I just wanted to get a post in specifically about this product to let anyone looking for relatively cheap lighting know what's out there.
I commute to work on some dark stretches of road with an LED headlight and figured that I was going to need to move to an expensive lighting system because I'd just had too many experiences that I could have avoided with the proper lighting (potholes, sticks, dead things..)
I bought this headlight for $46.00 (Cdn). The bikeshop recommended that I try it out on my helmet to see what I thought. Wow. It has 7 LED's and can be set for 1,3,7, or seven blinking. I set the light for the brightest setting with all seven lights on. It's powered by 3 AAA batteries and will run for 20 hours at that setting.
Here's a link to BLT's site for the specs:
BLT Lighting Systems
I'll throw in updates if I find any problems in the near future.