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.
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:
200 Lumen 2 Dollar Light by vegastriker43 | Photobucket