Everyones list is constantly changing ...
Budget lights we love to love .
There is no right or wrong answers and I'm not looking for safe answers or common answers ...unless you really like the light .It doesn't have to be a super deal or best bang for the buck ....Just a budget light that you are constantly impressed with.
(Budget light meaning ...$27 or less )
Bring on your best recomendations for
the top ten must have budget lights
I have only few lights and none of them are Li based, but I think that Sipik SK68 or its clones is the one to have, little pocket rocket that runs on AA/14500.
Any P60 light (e.g. Solarforce L2P, Ultrafire 504B).
I think Romisen RC-29 should be included in the Top Ten.
Splurge an extra $2 and get an XIN TD C8
OK, a KD C8 if you can't afford the XIN and you love blinky modes
Tank007 E09
DQG II (was selling for $25)
Uniquefire 2100 (or similar) XM-L 18650
C8 with a 5 mode XML emitter.
I have 2, they produce a amazing amount of light and a good mix of spill & throw. Note I said XML, the Q5 version is ,, well less of a light.
And just for the record, the disco & s.o.s modes are useless.
Must have ? and Budget ..
Solarforce L2 , be it L2 - L2M - L2P - L2T - L2X , at least one ..
At least a AAA powered light .. ITP , MARATAC , or TANK007 EO9
A decent AA light , which to date has been a tricky field in the budget sector , Balder SE-1 , Ultrafire M2 , Akoray possibly .. ITP , Maratac ..
You could probably do well just buying AAA and AA lights ..
But a decent XM-L thrower would no go astray , any large head XM-L ..
Definitely solarforce l2p host and keygos ke5,nice little thrower for 20 dollars.sipik sk 68,cheap little flood to throw light and last ultrafire c308 versatile light,can take 1x18650,2xcr123 or 3xaaa and comes in at about 20 dollars.
Gerber Infinity Ultra
ITP A3
Solarforce L2T
Fenix E01
Sipik 68
... every budget flashlight enthusiast has to at least try one out.
It's $38 but the UltraFire UF-T50, awesome light, probably my favorite. I actually destroyed mine tonight trying to mod it to NW, very sad 
I just ordered a replacement though from CNQG, see if it is quicker than the ~1 month it took last time, lol.
Balder SE-1,no doubt 
SK-68
UF-2100
Tank-E09
Romisen RC-29
C8
Budgets.
18650 = UltraFire UF-2100 $15.32
26650 = Keygos M10 $22.99
UF980L, XinTD C8, a SolarForce and now the Roche F12.
I got this for a friend of mine.
When it arrived, I compared it to my Ultrafire UF-980L from Manafont, my go to, always in my pocket light.
I felt sick, the Fandy was a tad brighter than my Ultrafire $42.75
To make it worse, the Fandy is about 19 bucks cheaper.
I thought it was the batteries so I switched them, same result.
If all of them are like this, my vote would have to go to the FandyFire C108 $23.50
1. KD-C8 $19.86
http://kaidomain.com/product/Details.S009844
2. Ultrafire 2100 $15.32
http://kaidomain.com/product/details.S020108
3a. Ultrafire 501A P-60 host $5.89
3b. Solarforce XPG low voltage drop in $14.99
http://www.solarforceflashlight-sales.com/product_detail.php?t=RB&s=10&id=207
4a. Solarforce L2P P-60 host $17.99
http://www.solarforceflashlight-sales.com/product_detail.php?t=FB&s=7&id=17
4b.Ultrafire/Manafont 3 mode XML drop in $16.21
5. Romisen RC-C3 Neutral $11.75
http://www.shiningbeam.com/servlet/the-205/Romisen-RC-dsh-C3-II-NW/Detail
6. Tank E06 $16.87
http://www.manafont.com/product_info.php/tank007-e06-ssc-haiii-100lumen-led-flashlight-black-2aaa-p-4427
7.Black Cat $8.95
http://www.manafont.com/product_info.php/black-cat-osram-white-light-led-flashlight-black-aaa-p-6144
8.Trustfire R5-A3 $14.90
http://www.dealextreme.com/p/trustfire-r5-a3-cree-xp-e-r5-3-mode-230-lumen-memory-led-flashlight-1-aa-1-14500-39062
9.SiPik 68 $9.99
http://www.meritline.com/focus-zoom-lens-flashlight-light---p-44806.aspx
10. Ultrafire UF-H2 or UF-H3 <$27
shop around you can find them for less than $27
For only $20, I know of no other light that will beat the Keygos KE-5.