I agree, the Blaze is not really a great choice, but if it's all you can afford, I'm willing to say it's barely not a waste of money. I do think that for less that twice the amount you can get a heck of a lot more light, but it's up to the OP.

I have bought lights that were an utter waste of money. I have a Planet Bike SuperSpot that I used for 5 minutes. It's $35 utterly wasted. I rode about 1/4 mile with it, decided I couldn't even see by it, turned around and came back and put on my old light. It was supposed to be awesome by all reviews, but it totally sucked.

I haven't seen a Blaze but people say they're alright.

But personally, if I can't afford at least a 200 lumen headlight and a Superflash, I just won't ride at night. If I can't afford a P7 or equivalent light and a Dinotte 140L or equivalent taillight, I won't ride in adverse conditions (heavy rain/fog/snow).

I think you're probably looking at the $80 range for a P7 flashlight, mount, batteries and charger and a Superflash or equivalent (I did a review of the DealExtreme superflash clone recently, it's pretty respectable and is $3.50 - if you're ordering a P7 flashlight and accessories from DX, you can pick that up at the same time. It'd probably be more like $70. But you'll have a 3 or 4 week wait.