I'm looking for an adjustable angle light that can also work as a headlamp in very rare instances.
What do you guys like in the < $40 range? The Fenix MC10 seems like a great light with very usable outputs of 5/50/125 lumens, and I think it could pull headlamp duty in a pinch.
I'm just not well-versed in the budget lights quite yet, so I wanted to see if there was anything else that I should consider.
BTW, I should mention that I'm looking for AA only (or AAA if it's the right light).
There was a great review of a uf headlamp tonight
I like the Trustfire Z2, although I ordered it about a month ago and still haven't got it yet.
It can also can take 14500, but if you want a bright AA only I would got for a Zebra Light H51. My brother had one that was very bright but it has a switch problem now after 1 year+. I'm not sure if they are under $40 either. I think on the website they were $50 or $60, Im not sure if they are cheaper elsewhere. I cant think of a brighter AA only light, but I haven't had experience with many.
The H51 sounds awesome, but I'm really looking for something with an adjustable head.
If you don't mind that it is a spotlight rather than a floodlight.
Then this one . ( It's an el cheapo Fenix copy ... also available in yellow and in blue)
You can order the headband separately. ( or the pro nitecore model)
I like floodier lights better like the Ultrafire H2B , as they don't need adjustability..
That $10 DX one above I was tempted to buy a while ago, I still might get it just to test oneday.
But if hes looking for a AA only light, it wont be at its full potential.
@Misfire, you don't want to use 14500s? It will give you a lot more options for bright lights, only costs $5 for a pair of protected TrustFire Flames and about $10 for a good charger if you don't have one already.
Brightness is OK on AA ... I did test it a little... both modes are very usable
I've been scared off of using LI, to be honest. 
I'm not too keen on the idea of having to babysit the charger while in use, and the idea of constantly having to measure battery voltage sounds unappealing.
Who knows, though...maybe I'll give 'em a try some time...
I used to think the same way but if you love flashlights and you want something brighter that lasts longer -- then li-ion is the only way to go imo. I just make sure not to leave anything li-ion charging when I leave the house. 
yes, brightness is great on AA (fenix copy...also available in green)
in fact, it is better to use Nimh because it draws so much current from alkalines that they can't hack it and run time is short.
it is fairly easy to remove the optic, and after doing that it makes a great headlamp
As others have said...bam!
Looks a little cheap but it's really good quality and a great light. The magnetic base and adjustable head are great. The rubber sleeve on the body glows in the dark insanely bright.
yeah, i'm gonna buy like 5 more, 2 were requested by other people already...1 more for myself (had two, gave one away), and eventually other people will ask me for the other two. they're that handy...
careful if you use 14500 on hi, it will eventually overheat. super bright though...
That cheap DX angle light was a great buy, I love it.
It seems to impress people more than some of my better stuff from Fenix, Jetbeam, Nitecore and others
Misfire, if you get one of the Fenix clones, I'll be amazed if you're disappointed with it.
@ JohnnyMac: "The rubber sleeve on the body glows in the dark insanely bright."
Really? Mine are actually pretty feeble, just about visible in a pitch dark room from a few feet away. Not a big issue, but nice if they were brighter.
Thanks again for all of the replies! 
So now I'm torn between the Trustfire Z2 and the Fenix clone.
Advantages for the Fenix clone are: lower price ($10 cheaper, which is half the price of the Z2), adjustable head.
Advantages for the Z2 are: entire light is made from anodized aluminum, inclusion of a medium mode, glass lens (instead of resin on the Fenix clone), digital regulation, and more attractive design (my opinion).
My gut is saying to go for the Z2.
When in doubt follow your gut. The Fenix clone is nearly all aluminum as well. It looks like a cheap POS in pics (at least to me it did) but when I got mine I was amazed at the build quality. Add in the magnet (great for working on the car in nearly unlimited mounting points) and it is indispensable as a work/shop light. It also has your requirement of adjustable head which the Z2 does not.
Either light is a good choice. I say just get both. You know you will eventually. 
If you are set on a Z2 style light you should consider the UF-H2 instead. A lot more pocket friendly (no 90 degree lens sticking out), mounts at any angle to a steel surface (magnet), infinite brightness levels, crazy smooth flood and extremely well made.
Yeah, I was really surprised. I just thought it was a hideous neon green until my fiance said it was GITD. I didn’t believe her until I shined another torch on it and turned off the lights. Damn thing sat on my bed like a blob of glowing uranium or a freshly cracked green glowstick. Best GITD I’ve seen.
mine gitd about the same as a decent tailcap
very good point about the all aluminum body of z2 - that is the weakness of the fenix clone - but on nimh it doesn't matter (on li-ion you could burn your hand or toast the emitter)
I ordered coated lenses from kaidomain, seem very high quality, 3 of them for ~$10 - I think they'll fit the light perfect (after removing the optic) but I haven't checked yet (gave away the modded light before they arrived).
I won't lie...the $10 price tag on the Fenix clone is really hard to pass up. And I would only be using Eneloops (or Alkaline in a rare pinch).
It doesn't bother me that the beam is throwy, either, as I've got diffuser film that I likely would have used anyway in order to achieve a full floody beam.
Ok...you guys talked me into it. The Fenix clone has won out. I doubt there are any coupon codes that would be applicable for a $10 purchase, but I'll look first before purchasing one.
Hi Johnny, can you take a pic of it glowing? I’m not sure what colour to get, but if it’s GITD then green is probably brighter. Do you know if the blue version also glows?