If you live in an area served by the 99-cent-only store chain (CA, NV, AZ) or a dollar store carrying Momentum Brand products a new 200 lumen flashlight just showed up this week. It uses the same very bright chip-on-board LED technology used in taillights like the $25 Blitzu Cyborg 168T. It runs on 3 AAA batteries which are included in the package. Most lights that run on 3 AAA or AA batteries can be DIY modified to run on one 18650 Li-ion battery so this has potential for DIY experimenters. It's not really a throw away light as you can change batteries but if the plastic case breaks, 2 bucks is cheap enough to toss the light. It fits securely in the $1 holder mentioned in reply #14 to this post. It is bright compared to the 100 and 168 lumen tail lights I have so I believe the 200 lumen claim on the package. Don't look at it straight on.

Weighs 49 grams (2 oz) with batteries and the dimensions are roughly 160 mm by 25 mm
(6.25" X 1"). The COB part of the light is 6 cm X 1 cm and has 12 LEDs embedded in the COB. It is not shaped like a standard flashlight so that makes it better for use as a bike light. I'll post links to some pictures as soon as I can find the camera connector to download two pictures. I just keep getting amazed at how prices for the COB based lights keeps falling.
Momentum Brands product # 60-693167

What's not so great? Comes in white light only and does not flash. Most of the light goes straight ahead but the plastic case lights up pretty well so it would be somewhat visible from the side at night. The case comes in a variety of colors.

Pictures of this light: http://s629.photobucket.com/user/veg...?sort=3&page=1