In my experience, cheap chinese lights are heavy, ugly, bulky, and have crap batteries. Did I mention that they were heavy? 400-500 gms is a freaking boat anchor!

My current favorite is the ~$65 cygolite metro which now provides 500 lumens at a total weight of 110 gm. I run it on high and it's just as bright as the ebay "1000 lumen" light that sits unused in a drawer.