In the last year and a half, I have picked up flashlights as a hobby, specifically LED flashlights. Except for a few exceptions, I won't waste my time with incandescant lights anymore.
Most lights are now made in China ... Dorcy, Garrity, Energizer, Ray-o-Vac, Fenix, Brinkmann, etc ... along with lights you can order directly from Hong Kong off websites such as dealextreme.com, etc ...
For U.S. made lights there is Surefire ($!$!), Streamlight, Pelican and maybe a few others. For an American-made light, you'll have shell out a pretty penny. Most US brands have given up trying to make a light in the US and selling it for less than $20 ... except Mag Instruments ... and I'll get to them below.
Maglites are still made in the US but their quality has fallen off some as they have moved from 'elite' lights to mass-market lights in pretty colors available at mass-merchandizers everywhere. Cops, firemen, etc ... still use them but the real pros prefer streamlights, Gladius, Pelicans and (especially) Surefires.
Mag came out with LED lights last summer (August '06, I think) and they seem OK ... but again, there were some quality issues. I have a few 3AAA LED lights and like them ... but they aren't terribly durable and people who use lights often burn them up. We can't be sure, but it appears their LED models weren't the success they planned for.
The thing with LED lights is that they are difficult to judge while in the packaging. Avoid Nichia LEDs as these are very blue and not terribly bright when driven normally (over-driving them with excess current will prematurely kill the LED(s)). I have seen good looking, pricey lights that still use a few 5mm Nichia LEDs ... sometimes with magnifying optics. You will likely be disappointed! Be sure of what you are buying!! Lumileds Luxeon 1watt - 3watt lights are better. They are brighter, "throw" a lot further and the tint of the light is usually 'whiter' (less blue) and gives better color rendition.
The LED emitter industry is a lot like the computer chip industry with hot, new products coming out every few months. I won't invest too much into any light ... because a higher-performing one is just months away from becoming available.
The current 'hot' lights use Seoul and Cree P4 emitters. I have one light a tad bigger than a 2AA Minimaglite that runs off a 18650 Li-ion cell. This thing is just about as bright as my 5C Maglite but can fit in my pocket.
But now Seoul and Cree lights are becoming passe and the latest lights are Lumileds Rebels. Even teeny, tiny lights can now put out 100 lumens or more ... with terrific run times and warm (not blue) tints.
Simply amazing. Happy hunting!!