OK, this isn't exactly budget but it's not the most expensive either. At some place like REI it would be around $49 but you can get it a bit cheaper online.
I'm not a fan of overpriced lights (which is why I'm here) :) I'm a bit pickier with headlamps than with flashlights however. Or rather I think budget flashlights are better than many budget headlamps. Also I guess something strapped to my head needs to be a little nicer than something I hold in my hand :)
The Storm has a high of 100 lumens and a low of 4 lumens on the spot beam. This is a Cree XP-E. The brightness is infinitely adjustable via ramping.
There is also a flood mode using two SMT emitters. This has a high of 25 lumens and a low of 4 lumens. This is controlled by ramping as well. There is a red LED and well as a strobe. You get to the red LED mode without having to go to a white light mode first. There is mode memory for the red LED as well.
Both the red LED mode and the white LED modes have strobe. This is triggered only if you click the single button 3 times rapidly when the light is off.
Since many people will use this in a backpack for hiking/camping it has a lockout mode. You press and hold the button for 6 seconds and now pressing the button will not turn on the headlamp (accidentally while in your pack).
The flood mode is very pleasing as it is extremely wide angle . There are two flood emitters. One on each side of the headlamp so the beam angle is greater than your peripheral vision. When outside at night this makes you forget you even have the light turned on. It just seems like the moon must be full that night. As you move around you don't see the edge of the beam since it is so wide and since it diffuses naturally. It just seems like the light must be coming from above.
Red mode is triggered by holding the button in for 3 seconds so you can turn this mode on in the dark in your tent without having to worry about accidentally triggering a white light and messing up your night adapted vision.
It runs on 4 AAA batteries but is similar in size to 3 AAA headlamps as one battery is tucked under another.
The Storm is waterproof (rather than just water resistant) and is current regulated as well for the first 25% of battery capacity. After that it falls out of regulation for a longer run time. It also can run on lithium AAA's which makes the headlamp even lighter (also good for cold weather operation). Unlike most lights of this type and size it actually has a small metal heatsink.
I've seen some question the need for a strobe in a headlamp. I'm no big fan of strobe in flashlights particularly if they aren't hidden. It's not a bad thing to have in a headlamp in my opinion although certainly not a deal breaker for me if one doesn't have it.
If you are hiking and get lost/injured you can hang the headlamp with strobe on nearby to help rescuers locate you. I've actually used one along a deserted beach (3 miles of beach) to locate my campsite which was off the beach up in the woods. We hiked with one headlamp on and left one in strobe mode directly in front of where we had to leave the beach to pick up the trail back to the woods and to our tent.
Some bicyclists have used the headlamp in red strobe mode on the rear of their bikes as an aid to help cars see them.
I more or less still consider the Storm to be budget given all of the features incorporated into this one headlamp. You can hike with it, change to flood mode and put it on low and use it in your tent and around camp. Since I have it already I've used it around the house for things I would have just done before without adequate light.
I have to cut my cat's nails every now and then. This is one of those things best done quickly and efficiently :) I can do it without task lighting but now I see it goes so much more smoothly with adequate lighting. I've ended up cutting the grass a little later than I normally would be able to since I can now just finish up with the headlamp. I've also gone on more night hikes and when rock climbing I don't have to rush so much to either get off of the rock or out of the woods and back to the car before dark.
I've had flashlights around (and I've used headlamps for specific purposes in the past...mountain climbing) but recently I've just found them more useful than flashlights in many cases because I usually need to use my hands and flashlights don't make that easy. Changing a tire at night is so much easier with a headlamp. I guess the difference is that now headlamps are so much brighter, smaller and nicer than in the not too distant past.
If you want another quality headlamp that is more budget then the Princeton Tec EOS can be had new if you search around online for $30 and it is regulated, waterproof and has 3 brightness levels along with strobe and a high of 70 lumens.
These are the two best deals regarding headlamps that I know of. If you don't hike/climb and mainly use a headlamp around the house/yard maybe these do cost more than you would consider budget but if you're out in the mountains at night I think these are budget as in a good value for the money.