The Sipik 68 ... one of the most popular budget lights around. Advantages:
1. It's cheap
2. It's pretty reliable for its price.
3. Zooms
4. Bright enough considering the price.
An aspheric zoom lens set for maximum throw will project an image of the die off into the distance. This happens when the focal point of the lens is set right on the LED die. You may think all the lens did is shrink the output into a tiny square without improving throw... but you'd be wrong. Throw increases quite a bit in spot mode, but overall lumens goes down because much of the LED output is absorbed into the inside of the bezel. In spot mode, the Sipik 68 will easily out-throw any similar sized and similar power AA light that uses a conventional reflector or TIR.
Seeing the die image in spot mode means that the lens is properly focused and you're getting the most lux possible. The image is ugly, but this is mostly only noticeable in a white-wall test. If you're outside using it to look at something in the distance in spot mode the output looks fine.
There are many different variations on aspheric zoomable lights ... almost all of them budget. The Sipik 68 is one of the most popular. It has decent heatsinking, feels solid, and usually works.
It's not perfect though... like any aspheric zoomable light, the output can sometimes leave a lot to be desired. Unlike a reflector like you don't get spot and spill at the same time. The spill isn't as wide as the spill from many reflector lights. It's relatively big and chunky for a single-AA sized light, and it's shape isn't ideal for EDC pocket carry ... too many protruding pieces and crenelations.
On the other hand ... it's cheap. They make good inexpensive gifts. As a work or EDC light, they can be nice because if you lose it, it's no big loss. Kids also like them for the cool styling and laser-like beam.