LED's are great! The batteries last from 50 to 70 hours. The best deal going on an LED light is the Energizer brand available at Wal-Mart in the sporting goods section. They sell them for $12.99 and they come with 2 AAA batteries. The nice thing about them is they have 2 bright white LED's and one red LED that works great once your night vision is working. Go check them out.
http://www.campmor.com/images/lights/82769.jpg
You can also buy them on-line here: http://www.campmor.com/webapp/wcs/stores/servlet/ProductDisplay?memberId=12500226&productId=32893787