Absolutely. The closest competitor is the Dinotte 140R, which with AA batteries (not as good as the LiIon that this comes with) is $120.

If you get the MagicShine headlight, you can buy just the taillight unit without the battery for $30 and just use a Y power adaptor that costs about $4. This is several times the light you can normally get for $20 or $30. Go take a look on youtube for comparisons with the PBSF or Radbot, this thing is a searchlight in comparison.