Dealextreme has a new light that looks like it could be a winner. It is a multi-level light with a CREE LED that takes AAs and 14500s. The nice part is that it also comes with a diffuser cap and a 2xAA extension tube. The extension tube does not really interest me all that much, but the diffuser cap looks pretty great. I have used water bottle caps and chap stik caps as diffusers, so having one that is made for the flashlight and screws on to the flashlight threads will be very convenient. The diffuser cap turns the light into a little lantern, and if it is anything like the ghetto methods I have used, lights up an area surprisingly well.
I have one on the way and will post back with my thoughts when I receive it.