I like the new breed of small tactical lights.
Nitecore D10
Fenix P2D Q5
etc...
These are small, bright, tough, and easy to operate. They'll set you back $50-60 though. In the world of flashlights, when you stack up against $200 streamlights and whatnot, $50's not bad, but it's still a lot more than a $10 mag lite.
My pick would be the Nitecore. The piston technology means you go from dim as can be (like 3 lumens) to full blast (130 lumens) all with thumb taps on the back end. It doesn't get much easier than that. Even the Fenix requires twisting the bezel to switch modes and whatnot. Not the Nitecore. Tap tap, it's 3 lumans. Tap tap&hold, it's 130 lumans. Tap&hold, and you brighten or dim to get any level inbetween.
This makes it double good for bedside. When you want to wake up and look at something, or stumble out to the kitchen, you don't want a flood beacon. When you have an intruder, or the power goes out, you do. The Nitecore will do both. I haven't seen another light with as nice a range of brightness. Most of the really bright tactical lights bottom out around 12ish lumens. The Nitecore goes down to 3. That's booklight bright. Perfect.