It may not be as trendy as the LED setups but you can build 20 watt halogen spotlight
for about $15 w/ bulb. You can get everything at the local Home Depot with the exception of the socket (ordered online for $4)
One benefit of the design is the utter simplicity. You
can make this light. Just drill a hole in the back and run the wires from the socket out the back. Plug in the bulb and screw everything together. Done..

The whole project takes less than 30 minutes to assemble.
The bulbs are roughly $3 each. I got a 3 pack for $9 at Lowes. Just a note that at Home Depot I could only find flood lights. I found the spot lights (mr16 20 watt spot light) at lowes only. YMMV
Bob hooked me up with a 2.5 hour battery + charger + switch for a good price. ($75)
Bringing this project to $90 total with battery/switch. Also I am told
this same battery can be used for HID setups so its not like your stuck if you want to upgrade!
If you wanted to double your runtime you could throw in a 10 watt bulb very easily. Just slide the rubber thingy off and pop in any MR16 bulb. (track lighting). Also nice, the bulb is already rated for outdoor use (waterproof housing)
http://www.instructables.com/id/BIKE-LIGHT-500-Lumen-%22Mt.Bike%22-for-under-10-bucks-/
Just a few notes if your considering the project:
* Don't bother with the RCA as the plan calls for. Bob hooked me up with a better connector and a charger/battery that use that same connector. (same connector used to hook up your lights when towing a trailer)
* Not a fan of soldering so I used wire crimps. Don't use wire nuts as the vibration will shake them loose. You can crimp the wire together with any pair of wire strippers.
* Toss some hot glue (or other waterproof glue) in the rear hole to make the project water-tight and so you don't accidentally yank the bulb out of the socket.
* you don't need all the hardware he suggests. I did buy that clamp to use as a helmet mount. Any self locking vinyl nut/bolt will do. don't agonize over finding his exact parts. I just found some laying around my shop.
* To mount to the helmet I take the hanger they suggest in the link above and just bend it flat. Then run some zip ties through the holes on the end and your helmet. Simple and sturdy.
Hit the white part with some black spray paint to make it look a bit less homemade.
Any questions PM me.