I bought a Petzl about 20 years ago and it was probably $30 bucks then, best $30 bucks I ever spent especially considering all the camping I used to do. It got cooked in the fire and I keep forgetting to buy one when I'm near a camping store. The one I had used two regular AA's that would last easily for 12 hours with a very decent amount of light. There was a halogen bulb I bought that would suck it dry in one hour but that was like a laser beam. It's focusable like maglite and water resistant.
Only downside is if you're walking through the woods with it for any length of time it's get a little weird because that halo of light is always in the same location on your peripheral vision. I guess tunnel vision wold be the best way to describe it.
There is lot of knockoffs available but Petzl is brand name and much better product. That stuff is designed to be used on Everest.