I actually carry two flashlights these days.
I've had an Inova Bolt 2A for a year or so now, and have been quite satisfied with it. It features a 3.8 Watt LED. I cannot for the life of me find how many lumens it puts out, and Inova does not publish that info, unlike their other lights.

It is quite bright, and uses a single white LED for illumination. I got mine at Fry's for about $30. It has a tactical push-button switch, as well as a constant-on mode. The only real downside is that the lens is exactly the size of a penny, and if you carry it with change, eventually one will find its way in front of the lens and you'll have to pry it out. Otherwise, it's very tough, has nice rubber grips, and will take a beating (done this once or twice getting the pennies out

). I like the fact that it takes AA batteries (they do have dimmer AAA and brighter 123A versions), so battery replacement isn't expensive or difficult.
http://www.inovalight.com/bolt.html" onclick="window.open(this.href);return false;
The other light I got for Christmas in my stocking, and it's labeled as a SKIL flashlight. I can't find any specs on it, but it has 9 LED's and has a nice wide beam. No tactical momentary-on switch, though - just click-on and click-off. It has become my normal "need a flashlight" light, to keep from using batteries as quickly in the Inova.