Depends on what you want I suppose. A cree from Tesco/Ebay/Dealextreme will be just fine for general use. Push the button and they work.
I've linked these little gizmo's a load of times but at 30p each delivered they are superb. Push button to use, has a little on/off switch, clip to all sorts of kit, hook then on your keys, zip pulls etc and they last a loooooong time, silly money, very practicle
http://dx.com/p/black-flashlight-keychain-22000mcd-10-pack-1253
Go buy a couple of packs and try them. When I was using my Hex 3 I'd hang one up and light the tent easily all weekend off one hung off the pole.
I agree.
It also depends on your experience, expectations and what you need to do.
As an example several mates had been happily working away with the their maglites thinking they were the best torch money can buy.
When i showed them my Zebralight SC600, you could have caught Apache helicopters their mouths, they were open that wide.
The vast majority are now using SC600's

They saw the difference a decent torch with a decent beam pattern and tint makes and there was no going back after that.
No doubt you can hike at night with a maglite, i've done it, i've also hiked at night with no torch.
But i do like having a torch that has a whump of power sitting there in reverse in case it's needed, and when you know you have that wall of light there available when needed i do find i tend to use it a fair bit.
Be it scouting out which way paths go, dazzling the wildlife or just being to walk confidently over really really rough ground because you can now see the ankle snapping holes.
It's the same quality wise as well.
Once you've used a half decent torch, the cheap copies tend to feel like they're made of tin foil after that.
It's not as though a half decent torch is mentally expensive either.
Fenix do some great VFM torches.