Originally Posted by
hubcap
I have used deal extreme tail lights with pretty good results.
http://dx.com/p/bicycle-bike-2-mode-...2-x-aaa-120031
This is obviously a superflash knock off, as are the ones I have previously purchased. Though the ones I bought a couple years ago didn't look so blatantly like a PB product. I have owned deal extreme tail lights, PB superflashes, and radbots (as well as dinotte, cateye, and others). The deal extreme lights have held up as well as the superflashes, but not as well as the radbots.
I have a few of them. I don't think it is a knockoff, but rather the same thing without the brand name. Only real difference I have found is my actual PBSF came with a seatstay bracket while the ones from DX only have a seatpost mount and the clip on the light itself. If you are on an extreme budget it's a good option for a bright tail light. There is also a seller on Amazon offering them for just a touch more, shipping from a US warehouse.
Headlight is going to be more difficult. Lots of good "be seen" lights in that price range, but more powerful ones that work well will be a tougher find.