CREE
To the person who asked what a CREE is, or anyone else who may be wondering, what with all this talk of flashlights around:
Cree is a manufacturer of high quality LED components, as are Seoul and Lumileds. Basically, a few years ago, Lumileds came out with their Luxeon LEDs, which work the same as those tiny LEDs you find in cheap flashlights, except on a much more powerful scale - they are specially designed to dissipate heat well, and as a result, are able to handle much more current. For example, an average LED that looks quite bright can handle 100 mA (0.1 A) of current. The Cree XR-E can handle 1000 mA when properly heatsinked, and the efficiency of power converted to light is greater as well.
As with anything involving technology, someone will always find a way to do it better. Lumileds had their Luxeon line, available in 1, 3, and 5 Watt versions, and Seoul and Cree found ways to make their own. Osram's OSTAR LEDs can output over 1000 lumens (for a price) and even cheap Chinese LEDs can look quite similar to the originals now.
One important note: LEDs are sorted by bin, according to how bright and what color they are for a given value of power put through them. Currently, the most efficient that I know of is the CREE XR-E lamp in R2 bin - I ordered a bare lamp on a star, and the thing is simply amazing. Results for the lamp are unpublished in their literature because they have not been out long enough to be popular yet, but any flashlight using one is out of this world (approx 275 lumens at 1 Amp). Flashlights using these and other high-power LEDs are a good investment, as the bulb never needs changing and they are far more energy efficient (and brighter) than ordinary krypton/xenon bulbs, as well as the flashlights with many small LEDs.
To pick up a flashlight with a Cree, Seoul, or Lumileds emitter, check out Dealextreme.com or run a search for the brands mentioned above. Keep in mind these are just the LED names, not the flashlight manufacturers. Be sure to check out reviews before picking one - some come with ridiculously annoying flash/strobe features, when a simple high/low power mode and off will do.