While I don't plan to use it as a bike light, I just got a Jet Beam BA20 flashlight. It's about the size of my Fenix L2D Premium Q5, runs off 2 x AA batteries, and puts out a manufacturer claimed 270 lumens. It was estimated by one reviewer on CPF to put out 255 lumens. Remember, the Fenix is said to give about 180 lumens. I just got it and have compared it in my backyard at night with my Fenix. It is noticeably brighter than the Fenix. It's another option to consider for those looking in the sub-$50 category. Fenix's warranty is 2 years while Jet Beam's warranty (through the dealer I linked) is a year.

Personally, I like the AA batteries because I can use Eneloops, which everyone seems to agree are outstanding batteries. My Fenix (back up bike light), DiNotte 140L, work flashlight (BA20) and work camera all run off AA batteries. This simplifies things for me.