I have a planet bike Super Spot. You can have it, it's the most worthless headlight I own. It's barely enough to limp home on. I bought it, used it ONE DAY and pulled it off and tossed it in the junk box. It spreads the light all over the place where it does no good. I suppose it'd be OK if you were riding where there were street lights.

The 5 LED Brilliant II from Nashbar, which I got for about $18, is about the same amount of light but in a much better pattern. I still wouldn't use that as my everyday, riding-in-total-darkness light, but it does the job in a pinch.

Eventually I built a DIY halogen and loved it. THAT'S the ultimate inexpensive commuter headlight. I now run with an HID ($120 from TrailTech plus my battery), and if that ever breaks, I'm either getting another HID or going back to halogen, either is good.

$140 for a 1-watt LED is way too much. You can pick up a TrailTech HID for $200, and that'll fry any 1W LED. You can get a 3-watt LED flashlight and handlebar/helmet mounts for it for < $100.

In the back, I use a SuperFlash dawn/dusk/bad weather, and add a Cateye TL-LD1000 on solid-on mode in full darkness. I think it's really necessary to have multiple taillights, sometimes one goes out.