I have had good luck with the uk sl4 eled. http://www.uwkinetics.com/products/sl4-eled#.UqQl8X-9KSM. Not sure how deep people have been taking it but I have had to just over 70 ft and no issues yet. Nice and bright, conveniently sized and fits in a BC pocket, runs 10 hours on 4 c cells and only $100 or less.
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