'Great lights' are relative. Both hub generator lights and battery powered lights have advantages and disadvantages. Generators aren't stellar for off road use and anyone looking for a headlight or worklight for use off the bike has to deal with both the fact that neither a hub generator nor a conventiobal bike light is an ideal choice.
And then there's cost - seems like anything that costs more than $50 gets lots of 'but I can get this on eBay for $30' comments. So what ever happened to good old imagination? A couple years back I posted a thread in this forum that got lots of views and not too many comments.
So lets spell things out. Vision X lighting managed to come out with a 2" square 10W LED about 5 years ago. They're not only avaible in different lens configurations, they interlock with each other so that arrays of different sizes can be built. And they're intended fot industrial use so they'll run off anything from 9VDC to 50VDC.
So I've been running with these now for a couple years now after modding some helmet and bike mounts and so far there's nothing else on the market I'll even remotely consider swapping them for. Not only can I get 9 hrs of run time from a battery pack the size of my iphone - they're also intended to replace those 50W 12V recessed halogen ceiling spotlights and a round interface bolts right on. Primarily intended for use on yachts, they work just great around the house for that application. Reducing power consumption from 50W to 10 over a dozen fixtures adds up fast and the lights basicly pay for themselves within a couple years.
So what I'm currently riding with now is not only a great lighting system relative to anything else I've seen - it was basicly 'free' considering how much its reduced the electric bill.