LED flashlights have been out for a couple years now but it's just recently that they've gone mainstream and, therefore, the price drops. They really are the best way to go for small flashlights and I've heard remarkable stories about the power of the larger ones. The price is definitely more than the cheapo bulb-based lights but for the quality and battery use (non-use?) they're worth it.

Last Christmas there were even LED Christmas lights for trees and outside decorating. Considering the drastic reduction in electricity use and the constant cool-to-the-touch that the LED's represent they seemed like a great way to go, and as the price continues to go down I can see bulbs getting pushed out.

Worst-case scenerio I can still use that long-handled MagLite that I have for a fish knocker. Of course, that's what I use it for now anyway, but I do on occasion use it to find stuff in the dark.