I have the same kind of flashlight, but never knew it was a Sipik SK58 (or forgot). I got mine at Meritline on sale for $5 delivered. That flashlight made me decide that I will never buy another budget flashlight again which is not a Cree, or at least which does not have the brand and model LED listed in the product description. I don't know Golden Dragons, but I highly doubt that reputable LED is what's in there (shouldn't be hard for those who know, by inspecting the poster's very accurate depiction of the die pattern).
My LED 'image' looks EXACTLY the same as Haggai's. When I got mine, I wondered the same thing. It's blueish/purpleish, dim, and has that funky die pattern with poorly-applied phosphor and tinges of extra purple at the fringes. Yet, it 'does' work. The metal flashlight itself actually has a nice feel to it, and the single mode switch with orange tailcap boot works fine. The weak link in the chain is obviously the LED. Compared with my next-closest flashlight, my TOrch Light C78 (which has a Cree Q-something), the C78 is noticeably brighter with the same type of battery, with a better tint too. Then again, I bought the C78 for double the SK58 ($10 versus $5).
The flashlight is naturally about twice as bright with a lithium cobalt 14500. Tint is still pretty bad, but usable I guess, if you don't have high expectations. But most of us here do.
So that one got gifted to the girlfriend, as her 'first flashlight' (not so much a "gift" as a pass-along--though for her, anything was a step up). She actually loves it, and uses it often, even though I think it's weak. She actually likes that it's dim (LOL), because she uses it inside at night (to go to the bathroom, etc) where it doesn't wake her up, or overpower her eyes like a lamp would. She only uses it with alkalines so far (she said she likes the word "safe"), hence a separate discussion about higher-voltage battery options (and chargers). She doesn't use the zoom function, nor does she screw off the optic for (kind of) 'full flood' mode.
She later dug out a 2 - AA mini-mag knock-off she'd forgotten about--replete with incandescent bulb and twist-to-zoom, but with extra feature of a side switch. We compared these two bottom-feeder flashlights side-by-side in the dark. The incandescent fake mini-mag DID put out more light overall, but was so ringy due to the bulb, that it was only usable in 'full spot' mode. The Sipik put out about 70% the amount of light (approximately), but did so with a truly smooth beam pattern due to the optic, and had usefulness in any zoom mode. We took it outside, and in full zoom, it does throw enough to see things at a distance, albeit a smaller square of it. The fake miniMag was also more than twice as long. The Sipik can easily fit inside a purse, or even a pocket--not the fake MiniMag.
I think the MOST embarrassing feature of this flashlight, is the yellow triangle "laser" warning sticker on their flashlights. As if you were really gonna hurt your eyes with this thing.
All that said, even though my girlfriend 'likes' it (she doesn't know any better), i DON'T recommend this flashlight, and i DO regret purchasing it. A decent LED is all it needs to be a nice torch. But it doesn't have one. I think a better purchase would be what was on Meritline's 1-day deals page today:
http://www.meritline.com/high-power-black-aluminum-led-flashlight---p-55386.aspx
Today's price is $4.99/shipped, BUT it takes 16340's/cr123's. However, it's advertised as having a 'Cree' emitter, though it doesn't say what kind. It looks like a fixed-focus, 16340 version of the Sipik SK68. For the same price as I got the SK58, this is probably a better value, even if you have to buy your friend some primaries or get them a cheapo charger--BUT getting an AA version of this (or similar) is probably best, even though the flashlight cost doubles just because of the greater demand created by the AA form factor. But then again, once you're into $10 flashlights, you're not far away from cheap P60 style host/drop-in and cool multi-mode budget CR123 flashlights of respectable names like Ultrafire. Decisions.... But I think lurkers & newbies are best-off avoiding bottom-feeders unless they really know their needs, and know what the flashlight can deliver. I personally now have a decent collection of mediocre lights, and prefer now to exercise self-control and spend the money on higher quality, if fewer, items.