Having checked out everything valuewise I'm absolutely settled going 18650/Flashlight route, especially since they're just so versatile and I personally would have plenty of use for them even outside of my bike.

Thing now is only which one is best. Out of the posts recent enough to be useful there's these guys:

http://www.dealextreme.com/p/ultrafi...-1-18650-36351

http://www.dealextreme.com/p/ultrafi...-1-18650-39359

http://www.dealextreme.com/p/ultrafi...-1-18650-39359

http://www.dealextreme.com/p/aurora-...-1-18650-16091

http://www.dealextreme.com/p/ultrafi...-1-18650-55241

And then there's the strong recommendation that the lights at shining beam are of superior quality. I'm a lot more inclined to believe that given that the DealExtreme models are making some pretty ridiculous lumen claims for their price range. Out of all of these this Romisen seems like the best. Medium and High mode with the best binned LED of the bunch.

Basically I'd rather know I'm going to get 350 lumens than be told I'm going to get 900 and be left wondering if the real numbers approach half that, especially since everything suggests SB's Romisens are durable little fellows... which is important with the #@%ing potholes here in FL.