i was in the same boat as you a month ago.

after reading reviews, i went with the planet bike 1w blaze and superflash combo for 60 bucks. if price is a barrier and it seems it is for you and was for me, it seems like the best deal i could find for a good combo.

on amazon. fantastic so far.

i will add that the 1w is usable as a primary light on unlit suburban roads that are in decent shape, not just to be seen. ive ridden around here at a decent clip (sub 20mph but around 17-18) but if you are planning on really booking at night, or riding on terrible roads or any offroad, you may want to look into something more powerful like the 2w blaze or the lights suggested above.

also, being tied down to an internal battery is a negative IMO. i carry two spare charged sanyo aa eneloops and two aaa eneloops in my saddlebag so i won't run out of juice.

as mentioned, the superflash rear taillight by PB is great. i have it latched onto my saddlebag and it stays on and i have ridden down stairs with it. i am also considering a second one suggested above, one to keep on steady and one on flashing. i currently use it flashing.