I have had one night dive and a few wreck penetration dives but so far I have used borrowed / hired torches.
I am thinking of buying a couple of my own.
One of those I borrowed cost £125.
I see there are huge differences in price for those that look to be similar spec. Starting at about £10 on Ebay all the way to £100 plus.
To me £50 seems a lot to pay for a torch, that could easily be dropped or lost.
Anyone know the reasons for the difference in prices, is it justified? and would I be better with a couple of cheapies bearing in mind I do relatively few night dives and can always hire them for night or wreck diving on holiday. Torches take p a fair bit of baggage allowance particular with Ryanairs new baggage policy.
I have bought a number of lights over the years. Most expensive was a HOG Morph 1000 "can" light at about $700. Cheapest was a $7 1000 lumen dive light from ebay. I've got a few in betweeners such as cheap metal dive lights from ebay (about $20 1000lm) and a DRIS 1000 (1000lm $70) and two Dive-Rite BK-1 (400lm I think $50).
I doubt I would ever buy an expensive dive light again. The only light I've ever had fail was the $20 ebay light. The magnetic switch broke. Even the $7 plastic lights still work great years later - They've been used numerous times in caverns. I usually bring those along to use as loaners for friends.
I would encourage you to get a couple cheap lights from ebay or amazon unless you're looking to get into serious penetration dives where the light can be a life or death thing. In that case, get two expensive lights. By "serious penetration dives" I don't mean going into a wide open wreck with a group of ow divers in Cozumel. I'm talking advanced diving, using a guideline, etc.
If you're doing night dives in OW, 1000 lumens is too much. It basically turns the dive into a "day" dive because it's so bright. You can, of course, put your fingers over the front and open a slit between your fingers to let out only some of the light. A dimmer output would be easier.
I look for lights that will take either Lithium 18650 rechargeable OR Alkaline disposable OR Ni-CD/LI-ION rechargeable batteries.
Many lights fit that description, even cheap ones. That leaves you with many options if you're traveling. You can find or charge a battery that runs such a light in any country. You can bring a battery that will work in such a light on any airplane.
The only thing I absolutely avoid in a light is rechargeable device without removable batteries. My HOG MORPH can light is that way. It's a hassle if you lose the charger. You're screwed if it doesn't charge right or you forget to charge it one night.
Currently I only use the HOG Morph for a video light with my gopro because it has two light heads with a flood spill pattern (vs spot). Most dive lights are "spot" lights unless specifically designed for use in videography.
Things to look for in cheap lights:
1. At LEAST 2 O-rings at any opening.
2. Battery options I mentioned above
3. They're cheap. Buy two in case one fails.
Also, put some lube on the o-rings of any new light before diving it. Often cheap Chinese lights come with o-rings that aren't properly lubed and so they leak first time out. If you lube the o-ring then it's a non-issue. Get lube on amazon or an LDS. It's not expensive stuff. At least, that's what I've heard. I was warned just as I'm warning you. I've lubed every light I've bought and I've never had any light leak.
That OrcaTorch doesn't look like a bad light, but it does seem slightly overpriced at $50. Not outrageously so, though.
) for around USD30 as I recall, and have had about 20-30 night dives on it (give or take). Rechargeable battery still works fine. 
