I'll go in the ultra-cheapo options direction. For the record, I stopped using/carrying mine since I don't like mail-ordering disposable batteries for lower cost of maintenance so I didn't use it that often (wanted for emergencies), they only give off about 10 floody lumens, the batteries aren't Li so they need to be replaced after a couple years of not using, and the triple LED versions from generic Chinese companies (like the OP's pic) seemed infitinetly more usable for general tasks... even though my triple LED generic Chinese light was so cheaply made, it didn't even have a spring at the head - just bare wires, used larger button cell batteries, and it was about twice the size and weight of the LG I'm listing below. I know all of the lights I'm about to mention are made in China, I just think when I say generic Chinese light, people know what I mean.
Target used to sell the Life Gear LED Mini Aluminumum Keychain Flashlight for $3. They are similar to the Streamlight version, except the batteries on the Life Gear are held in with a seperate screwed in cap, so they don't fall out if you twist the head too far (like what some users of the Streamlight reported).
Also, for the record, my go-to mini light for now is the Microstream USB (50/250 lumen). Too big for a keychain light, IMO, but it's very bright, for it's size and weight. The Coyote tan version comes on hi first, all others come on low first. I gave one to a friend that used to buy a new Steramlight Stylus Pro every year. He now only uses the Microstream USB (he's a diesel Tech).
There are some super small AAAA sized lights as well as rechargeable Li versions (battery: 10180) coming out of China that you might also look into. I haven't tried them though. One example would be ther Lunitop EDC Pico, or the MecArmy X4S.
Personally, I've been curious about the RovyVon and Nitcore Tiki rechargeable lights (pic from zeroair.org review):