I'm with Jack; Solarforce L2 with a 3-mode UltraFire XM-L. Best $30 flashlight on the planet.
Foy
Oh wow, I'm surprised we haven't mentioned this one yet:
The ubiquitous 'C8' style (e.g. KD, Keygos KE-5, Trustfire C8)
It's about as compact as a P60 but gives you that extra throw only a bigger reflector will give you. They're really affordable and have been copied by just about all the major budget brands.
Can I add the Fenix E01...its a very small AAA key chain light...cheap, cheap LED, but very nice beam, very nice body, great Fenix build quality, super reliable...about 11.50USD shipped from DD. And it has a reputation of long run times due to being able to work with almost dead batteries.
It comes in black/grey/orange/purple.
In Australia 99% of people could only think of 2 names when it comes to flashlights.
The Maglite as already mentioned, although I am the only person I know that owns one.
And the Eveready Dolphin, since I was a kid nearly every single household had one. Im not so sure about the rest of the world but they would have to have the biggest iconic status out of any flashligts in Australia.
Ultra-fire MCU-C-88
Big ... yet takes a common battery 3 AA's ,Smooth feel,sexy stainless steel bezel and deep reflector.Throws a country mile,huge heatsink begging to be modded ....it is by definition what a "real" ultrafire flashlight should be ..beautiful.
best in class
Petzl Zoom. Yes, people strapped lights to their heads before this one, but for over 30 years, they've been bringing dim incan and later slightly-less-dim-halogen to the people.
For a very small, quality 18650 pocket rocket with a great UI, I will go with this one.
Shiningbeam S-mini.
I like the XP-G model better than the XM-L. Not only is it $5 less expensive, but I like the beam better and the better throw it offers. Bryan at Shiningbeam says he likes it better too. He said that the reason he started offering the XM-L version is because some people want the newest gadget out there. Doesn't mean it always makes it better.
Cult classic? *fire 501b. As crappy as it seems compared to what you can buy now for just ten bucks, I don't know how many people I got started with that host because it's only trying to be two things: versatile by its very nature (a P60 host) and incredibly cheap (to the point of being free). I have given away at least a dozen by now. I doesn't take much to impress someone who is used to Maglite Solitaires and whatever random drop-in you put in a 501b, it's still going to do just that. It's not a good host, obviously, but showing someone is usually better than telling them.
I know we're only supposed to list one, but I think my personal favorite classic would be the Trustfire X8. I have several lights that are brighter but the X8 is one of those lights that I feel comfortable giving to someone who has less experience with flashlights. Keep it on high the whole time and it's still going to be fine. It may not be the first popular light that featured a screw-in drop-in, but it was the first in my collection.
I like your comments, but i mostly disagree with most of the things i have read here. I believe that in hall of fame deserves to be given to someone that is the pioneer, and then others came to copy them.
My choice for high powered led flashlights hall of fame top10,tried to include one from every brand:
Arc LS: The first led flashlight
Streamlight Propolymer: The first AA based flashlight(diving, great lux number!)
Jetbeam C-LE: The first high quality cheap flashlight. Before miniAA&Itp/olight A2 came out, it was still selling 2nd hand higher than its buy price.
Nitecore defender infinity: For those guys that came from CPF, i think you all remember the whole fuss with it! Have we seen since then a flashlight making so much fuss???
Fenix P1(or E01?) : The first real good compact fenix flashlight! As for E01, the definition of simple, reliable cheap flashlight.
olight sr90 : The first monster ever.
zebralight H50 : The first real amazing-versatile headlamp-flashlight.
Lumapower MRV : The first real thrower
Surefire 6P: The first cheap good surefire host
Maglite Led 3D: The first big flashlight to have one for years
Well, I would hardly say they're all copycats. In fact, most are not. Sure there are some variations of the pioneers, but even then many of them have a body style that separates them. There's really only so much you can do with a flashlight. In the budget light forum I thought it was appropriate to recognize the relatively inexpensive offerings that have become popular and even a standard to measure against. In regards to American culture, Peyton Manning didn't invent the forward pass but he'll certainly be inducted into the Hall of Fame. We're not recognizing flat out copycats. These are brands that kept up with industry advancements and performed well at an affordable price.
Dig through http://www.dansdata.com with the search term "flashlight". Most of what he was talking about ten years ago belongs in the Hall of Fame. Not all of them cost the earth either - and look where we are today when a ten dollar light will beat to death each of the the exotic and extremely expensive lights he talked about. Like the Mr. Bulk lights he got way back when.
In fact read all of Dan's Data - it's all well worth reading.
Ok, no problem, surely then i wouldn't have to add light like sr90, i just didn't see any word about budget in the title, thought you would refer to all of them. About the affordable price and excellent performance, i think it is an achievement too, this is why some of them are really budget and included them too! In particular, Jetbeam C-LE was the first one :)
I agree that some of them are unique, in my category i wrote the flashlights that i believe that they had very high success, lots of sales, lot of fuss around their name, "hits" on the google. :)
I have to agree with OxyMoron, the *fire 501B must surely be the most prolific copied and cloned LED light on the planet. It has to be in the Hall of Fame because it is surely THE very epitome of a Budget Light.
To this day, every time I see those UGLY 
camo green or orange 501's I'm so tempted to hit the buy button. I've resisted thus far.
I bought the camo yellow/orange body for $4 and the $9 DD 1000 lumen XM-L drop in just because it was so cheap, Ill probably give it away though.
1) SkyRay STL-V2(thrower)
2) Solarforce L2x
3) Balder SE-1 XML(EDC)
One more note about the D10 and the reason that I listed it as 'hall of fame' worthy: Put one of them up for sale on 'the other site' and it will be gone within an hour guaranteed. They are highly sought after and probably the fastest selling light you could ever put up for sale on a flashaholic site.
One that may be too new to include but I am confident it is deserving is the DRY triple. Fat body parallel format and brutal output that has set the benchmark for triple XM-L torches and for 1/2 to 1/3 of the price of its closest competition. Even 5*XM-L struggle to match it.
Romisen RC-2R4 - Build quality