If you check some reviews and do some reading you can get some decent chinese "cree" lights. They all have some sort of issues, minor or otherwise, but different setups can yield different results. If you want a genuine cree emitter, that becomes more difficult because in the past year or two many of the cheap lights now have cree knockoff "Latticebright" or other forms of imitation, but even so they can perform fine, although with a sometimes unpleasant blue light color. Its worth checking out a number of these before you decide on one, they can be great affordable bright lights.

Edit: I have only tried a number of these with the seperate battery pack, I am leary of the cheap all in ones.