If "I" had $200 to spend it would be on a TK75 or a Terminator.
Hmm… I’m kind of stumped.
I already got a TK75… and gave it to my father. Great light, but too big for a city girl.
Blackshadow Terminator looks nice too, but is probably also too big. Without the handle, it might be do-able though.
A ZL SC600mkII would be nice, but I don’t think I’ll get one unless they change the UI to make all the modes easier to get to. Like, it has 90lm, 27lm, and 9lm all marked as “medium”, and there’s no easy way to switch between 9lm and 27lm. Same for its sub-lumen levels. But if they did 4x2 modes instead 3x3, and if they took out the 12 extra clicks to access other sub-levels, I’d totally grab one. Still, it seems almost redundant when I already have a SC52 at 500lm.
It might be fun to get some saab blasters… OSTS FandyFire STL-V6 plus a OSTS SmallSun ZY-C10-S. Or a single OSTS Night Master. I don’t have a really great aspheric thrower… I mean, the SK-68 is pretty decent, but it gets like 15k lux, not 100k+.
It’d also be fun to get a TN31 (or K40) and a good HD2010 and batteries. Too big for my use, probably, but still fun.
Or perhaps a bunch of misc lights people seem to like but I haven’t tried… like a L2p and some sort of Quark or Eagletac AA light, or … I don’t even know.
A really good ultraviolet light might be nice.
The Blackshadow Fire is pretty, though it also appears to be a bit on the large side. Similarly, the Klarus MiX6 is pretty, and I could wear it as a necklace. Not as versatile or convenient as a ZL H51 though.
I’d like to try selfbuilt’s favorite EDC, a Sunwayman V11R with AA/14500 extender. I don’t have anything with smooth visually linear output adjustment.
Actually, I’d really really like a nice O-L modded light. It seems I have to refresh the forum post list fervently in order to get the opportunity to buy one though. 
One of those limited edition Nichia 2xAA Maglites sounds nice… or, really, anything modded with a decent high-CRI emitter and hopefully a nicer driver with DrJones firmware. The modded Fandyfire Rook sounded particularly nice too, or a SRK with a more flexible custom driver.
Overall though… there just aren’t any lights I’m motivated enough to buy right now. Instead, I’d probably get an Android tablet or some music toys (maybe a Kaossilator 2, a decent mic, a cracklebox, …) or get some nice lights to give to friends. I feel sufficiently illuminated for now, and may just wait until technology improves again.
FF3 (ok it’s a lil’ over 200)
If the op meant one flashlight with $200 in the pocket and I can turn back the clock, Without doubt, JETBEAM TCR2 for me.
Wish I own a liteflux lf2xt or a titantium lf2xt from either of the 3 runs. Think the ti version have to be most appreciated flashlight in term of price. A ti lf2xt can easily fetch ard 700usd in todays market.
what is so great about this light?
Thrunight TN30’s are on sale on ebay right now for $162. I would be torn between this and the Fenix TK75.
Personally, I dont own one so cant comment on this. Liteflux is a taiwanese company (suppose no longer in operation) that the main reason the price increase in the existing aluminuim flashlights in mint condition worth at least twice the retail price now. Theres 3 runs for the titanium version. Think 20 –30 made for each run. Its rare and the value is much more than what it is first sold for then if in mint condition now. The unique ui ( cui and fui) also play a big part which made liteflux so popular then ( long long list of discussion threads in cpf, perhaps the most talkabout flashlight over there then ). Lf2xt ti being a AAA flashlights that can be sold for such a high price in present market might be the most costly flashlight in term of $ per gram. I do apologise for going off track from the op.