It seems like in order to get a high-output flashlight, you need to drop a significant amount of money. Certainly, it costs money to make quality products, but that doesn't necessarily mean that inexpensive items aren't worth investigation.
The LA Police Gear Operator Mini EDC Flashlight offers 330 lumens on high, 170 lumens on medium and 55 lumens on the lowest setting. The Mini EDC is waterproof up to 2 meters and comes with a tailcap switch for instant-on or momentary-on activation.
Running on a single CR123 battery, runtime varies from 50 minutes on the high setting up to 10 hours on low. A lanyard and a pocket clip keep the Mini EDC close at hand.