I'm sure these sell for around $40 and max output of 1200 lumens.
I used to have a lumen problem but now I make enough money. 
All good lights so far. How about 2 for less than $40? C8 w/smooth reflector xml http://kaidomain.com/product/details.S010014 UF2100 xml http://kaidomain.com/product/details.S020108
If you pony up $45.30 and want a Fandy w/3 xml http://www.dealextreme.com/p/fandyfire-stl-v2-cree-xm-lt6-5-mode-1000-lumen-white-3-led-flashlight-black-2-x-18650-91136
The C8 seems to be coming up as the popular vote, and a little googling shows a strong following for it, and it's quite a way under my budget, but UniqueFire UF-3000 3 XR-G seems to be claiming more lumens. Anything beating a claimed 2500 lumens at that price point?
For the most lumens, you will need a triple of some sort. The C8 is a great light, extremely impressive for its size, and is affordable. The other lights I have referenced, although only single emitter lights, would probably be better lights with better reliability, build quality, and much better throw than any budget triple in the price range you have set.
I don't personally own any triples, but there are a plenty of owners here who can chime in with their input...
I think the nicest, brightest light for that range is the C8-styled XIN TD C8, look here
Plus you get to pick the tint and the modes you want
And you still have 10 bucks left over for 18650 batteries
For $2.75 more have one of the best $40 lights there is....
Well, an XM-L driven at it's maximum efficient level will net you around 800+ LED lumens and you can basically triple that for the better 3 x XM-L lights. There really isn't a whole lot of guessing once you know that. The more difficult variables to look out for are body thickness and design for heat dissipation (output won't sag as quickly). A C8 doesn't necessarily net you more lumens just because. The only reason it might perform better than a P60, for example, is because of the larger body size, which can accommodate better heat dissipation. Also, the C8 will be designed for that reflector/driver setup whereas the P60 is a little more sloppy because of its universal design.
One great example is the Ultrafire 3-mode XM-L drop-in in a P60. Because many are driven over 3A that will be one of your brightest single emitter/single cell lights. That setup is famous and a fan favorite!
There's a Small Sun FTT light that's around $14, and bright as heck. Perhaps someone here can please help out with a link ?
One of those, plus a C8 variant of your choice, should be right around your budget.
It is a heck of a bright light..http://www.dealextreme.com/p/smallsun-zy-c10-s-cree-q5-wc-230lm-3-mode-focus-adjustable-white-led-flashlight-1-x-18650-108290
Can you spare close to $10 more? Well worth it if you can go with a Trustfire TR-3T6. Can be had for as little as $46 and easily under $50
About $45 will get you a well driven C8 AND a P60 with UF 3-mode XM-L. It's hard to beat that price-to-lumen ratio.
I don't get it... x2
It's only a problem when you can't afford the next fix.
Except that it seems that about 1 in 3 members who have that light report that it has died.
I have only heard of one going bad but he ordered another one......
I was looking at the TrustFire TR-3T6 you guys have mentioned, and noticed that there's a TrustFire TR-1200 that has 5 XR-E Q5-WCs leds. The specs say that the TR-1200 is only good for 1200 lumens, and the TR-3T6 is up to 3600 lumens. Are the XM-L leds really that much better that each one is as good as 5 XR-E Q5-WCs?
I have the TR-3T6 and it's no where near 3800L my DRY blows it away. Alot of guys have the TR-1200 and it's a good thrower.
For the price, I would definitely say Trustfire TR-3T6 for overall brightness (lumens), but if you want throw get something else.
My first single XM-L light is already dead (purchased Feb 2011)--It was overdriven. I think others may eventually experience the same fate with their super bright single die lights.
I’m very impressed with the internals of the TR-3T6. It’s well regulated and has good heat dissipation. However I don’t like the long battery tube and lower quality anodizing. I’m certain other triples, like the Dry, are brighter but I have no fear of the TR-3T6 overheating. For the price I don’t think the TR-3T6 can be beat.
P.s. be certain to read-up here about multi cell light safety
A properly driven xm-l is 3 to 4 times brighter than a q5. Even though the xm-l in the 3t6 are not driven hard the light is still twice as bright as the tr-1200 but is floodier. The tr-3t6 is a rock solid light with great heatsinking and outstanding reliability.