Uh yes, you are going to get lots of responses to this. Anyway:

If the budget is really strict, I'd suggest the Planet bike 1 Watt Blaze headlight and superflash tail light combo. Amazon sells it for $50.77. AA NiMh rechargeable batteries do work well in this headlight. The superflash mode is quite noticeable in urban high traffic situations. Before anyone mentions it, yes, I do know that Planet Bike's lights are manufactured by a Chinese outfit called Smart. But, the build quality is quite impressive.
If you're a night time off-roader, you will want something stronger.

As I've mentioned before, I dislike proprietary batteries, or "battery bags". Just a personal thing with me, your mileage may vary.