I have the MTE P7 5 mode. I've only had it about 4 months so I can't attest to its quality. Also it's a good point that there are newer LEDs out. I won't gripe if the $36 flashlight only lasts a year until I have to replace it, because there will probably be better LEDs out in a year, and $36/year is way less than I've BEEN paying, and it's better light than I've gotten for my lighting dollar, even when I was buying HIDs.

FWIW, here's what I got, and I have no complaints about any of it:
MTE "P7-D" SSC P7-C 5-Mode Memory 900-Lumen LED Flashlight (1*18650) Item# 16092 $36.45 USD
TrustFire Protected 18650 Lithium Battery (2500mAh 2-Pack Blue) Item# 5790 $8.18 USD
2*18650/4*CR123A Battery Protective Case (2-Pack) Item# 26711 $2.32 USD
Universal Bicycle Mount Item# 8274 $1.54 USD
Digital Li-Ion 18650 Battery Charger Item# 6105 $7.92 USD

The plastic box to hold a couple of spare batteries is quite nice to have. I bought two 2-packs of the batteries. That charger is probably the best one at DX. There are certainly better from others but that one works for me.

There are other bike mounts, I bought several and this one is the simplest and works great for me, the light has never moved even on very rough gravel roads (mount it so that it's fairly well balanced)

The 5 mode is good for me. I don't really use the flashing modes, but I do want low/med/high - I use high occasionally, medium most of the time, and low occasionally.