I just ordered the UK mini Q40 eLED Plus from scuba.com for $25. I had been all set for pay $45 or so for the Pelican StealthLight Recoil LED, when I learned about this new UK light, which was redesigned for 2006 and uses 2w LEDs vs. 1W LEDs in all others in it's class. Hard to beat!
Note: Pretty much everyone is backordered on the NEW q40's right now, because UK has been really slow to ship, so make sure you're getting the new 2W version if you buy somewhere else.
For me, it was all about LED. Longer burn time, more reliable. Backup lights tend to be neglected, and take a bit of a beating hanging off a BC that gets tossed around a boat. I don't ever want to have to reach for my backup light and find out the bulb busted last time it got dropped on the deck, or when I giant-strode into the water. Regular bulbs are just way too fragile for my tastes on something this important... if your primary light dies, you reach for your backup. And what if that's dead?!?! The only time you NEED your backup light is in a real bad situation. So I take no chances there.