The L3 Illumination L10 with Nichia 219 LED.

http://www.sbflashlights.com/L3-Illu...-219-p284.html

Pro's:
Incredibly small
1.275 ounces with an Energizer Ultimate Lithium AA
0.09 lumen firefly mode, 120 lumen high mode
Nichia 219 high CRI LED
$20

The Nichia 219 LED is a high CRI LED, and is considered the best LED available for a full light spectrum.

The 0.09 lumen firefly mode means I won't blind myself in my bivy. Even my coin lights are blinding in a bivy.

It has a twisty switch instead of a button, and I could see how that will be a turn off for some folks. I like that it might prevent it from accidentally turning on, and even if it turned on, it'd turn on onto the firefly mode.

The beam pattern is a soft spot with plenty of spill.

It has a hole machined for a lanyard, but doesn't come with a lanyard. This light can tail stand with a lanyard. It doesn't come with a clip either.

One person found that this light works with 3V lithium primaries and a 4.2V lithium ion battery. I have those batteries, but I'm not going to try it since I'd only use AA's on a long hike.

I'm hoping this light proves to be reliable. If it is, it'll be my primary long distance backpacking light. The only light I can see replacing it as my primary backpacking light is a Zebralight H600. The H600 is several times brighter while still having a good firefly mode, but is more than twice as heavy and costs 5x more while having the hassles of a lithium ion batteries.