Is a PA40 budget?
Also Im getting away from Li-ion and going back to primary AA's and rechargeable AA's
I bought this RC-G2 for myself after buying this one for my mother and I was impressed. These aren't the same as you find on DX and eBay etc.
I bought a Thrunite T10 for my girlfriend and like it so much I am tempted to buy another for myself.
I'd say that the PA40 counts, as it is less expensive than other 4xAA's. Besides, the term "budget" is a very subjective one, so I guess it's all relative to the consumer.
That Romisen RC-G2 looks like a great deal at $18.75! And it comes in NW, too! Time to read some reviews on that one. 
xeno e03. takes aa as well as 14500
The reviews probably wont be of the ShiningBeam ones, they have diffrent drivers and differnt emitters that make them a lot better.
I got the II version for my mother because it was neutral, but the III version has square threads, a spring on the back of the driver and is slightly brighter.
I'm sure jacktheclipper will give you all the info you need to know about the ShiningBeam ones.
I have a XENO E03, its pretty disappointing using a AA.
Most lights that are designed for 14500s I find are the same.
Where as lights optimized for AA's will be brighter than ones optimised for 14500s when using AA's.
I'm sure its not always the case, but it is in my experience.
The Romisen RC-G2 is a modern classic IMO, it's a great compromise between budget and quality.
The itp a3 and a2 are supposed to run on reg cells. But my uniquefire g10 with aa is almost twice as bright as either of them.
Which light is brighter (ceiling bounce) than ur xeno with aa? Thx.
I agree most aa/14500 lights are much better with 14500 but using eneloops they are still okay
@fishmaniac
PA40 is a billion times brighter but I know that's not what you mean 
At the moment I don't have anything else to compare it to, I have given my brother most of my AA lights. 2xAA Tank TK-566, Sipik SK68 clone with extension, Trustfire Z2. My mother and girlfriend don't live close so I cant test the Thrunite T10 or RC-G2 II against the XENO.
I didn't test any of them against it in the past on AA's because to me its just a 14500 light.
My RC-G2 III is due to arrive this week if I'm lucky, it was shipped on the 12th so maybe. So Ill try it against the XENO both on AAs and post some shots if you like.
But I defiantly wouldn't pay $30 for one (mine is XM-L) if I was only going to use AA's in it.
Haha..yeah, not what i meant. =)
And i didnt pay $15 for my g10 to run on aa's either. Li-ion ftw!
Nimh's .. i only use them in 2xAA form factor (e.g. P2A).
i need to test my E09 (1xAAA) with R3 emitter against the E03 (1xAA) with XML NW emitter, both on Eneloops. I think the E09 wins this!
I'd like to see some shots of that if you take any
I think I saw somewhere how many lumens the XM-L E03 is on AA's but I cant find it with search.
i cant take any shots no camera and you kno E03 or E09?
according to specs the E03 is ~111lm for the NW (see bottom of post), selfbuilt estimated 150lm for the CW, and dont forget that on Hi (Eneloop or 14500, doesnt matter) the E03 isnt stabilized for constant brightness, so in a typical measurement situation neither the 111 nor the 150 are a correct value. if one wants to compare brightness, the brightness graphs need to be compared, not just photos (at t=t*) or lumen numbers (at t=60sec).
At night i will try to compare light output..
Fenix E21 is my fave. Got it for $25 with a 30% off coupon at REI.
-Built like a tank just like the higher $$$ fenix lights, very thick-wall construction.
-Thick typeIII finish
-Tight XPE spot beam from a small diameter.
-AR coating
-Water submersible with thick snug fitting O-rings.
-2 well chosen brightness modes no disco.
-Forward clicky.
-Pale white tint that is slight cream color at low mode.
My no-visible-PWM (Pulse width Modulation) collection
2AA without clip Alu
Fenix E21 (for throw, Current Regulated (CR))
2AA with clip Alu
Klarus P2A (for area hotspot and spill, CR, get the rev 2 if you can)
1AA without clip SS
N-Light B1/B2S in SS (very high PWM or even CR?, warning heavy!)
1AA with clip Alu
Hugsby P31/P32 (If you can get one without a driver mix-up, high PWM, a real 3-brightness-mode version would be nice )
1AAA keychain SS
DQG Tiny III ( the NW version is a little too yellow for my taste, the DQG II NW had a better tint, CR)
My top 5 NiMH AA/AAA lights are, in no particular order :-
1. Sunwayman R20a.2xAA. 3 modes with hidden strobe mode. Starts in low mode and reverts to low with half press of switch.
2. Tank007 E09.1xAAA 3 mode keyring size light.Great build quality & my EDC.
3. Cyclone C88. 3xAA Choice of modes & tint. Great thrower which can be used with 26550 Li-ion.
4. Uniquefire G10 1 Mode. 1AA. Great reverse clicky switch and nice bright beam with Eneloop but better with 14500 Li-ion.
5.Fenix TK41 4/8 AA. Not budget but great value for money. Why buy a dozen mediocre lights (only compared to this light that is) when you can buy a TK41?. Well worth the outlay and I paid UK prices 
.
Paul
Balder SE-1, my EDC, awesome performance with aa but with 14500 it kicks maximum ass.
Looks like I'll have to look into the Balder SE-1 and the Cyclone C88.
Good choices. Please note that the clip direction has changed in SE-1, so you might want to contact the seller before ordering it and ask/confirm which version they are selling.
@ fishmaniac
My RC-G2 III arrived today, here are the shots comparing it with the XENO E03 both using fresh alkaline batteries straight out of the packet.
RC-G2 III is on the left, XENO E03 on high is on the right
