There are cheaper alternatives that appear to be as good as the more expensive options. For example I've got a clone of a Lupine Tesla 5 rrp £325 (its from DX and is called a Magicshine - £50). I've also got 2 DX SSC P7 torches (around £35 each plus chargers and batteries). All are great lights - but and its a really BIG but - they have all (yes all) been unreliable.
My newest - the Magicshine - started playing up tonight going down a single track. Same problem as the 5 mode torch had - it changes mode or turns off every time you hit a bump. Not the end of the world if you're in town etc but coming down a mountain its a big deal. Fortunatly I've learnt my lesson with the torches - I never ride with just one light.
On tonights ride there were 10 folks - nearly everyone had 2 lights. Roughly 20 lights in total. Mostly LEDs, mostly expensive. Types were Ay-Ups, Lupines, Hopes various HIDs and a halogen. I was the only one with a light failure.
Tomorrow I've got to go and figure out what the problem is and probably bodge a repair as for me its not worth my while sending it back to Hong Kong under warranty (I'll actually enjoy the challenge of fixing / soldering it and will post some tips for any others in the same boat).
IMO - Sure anything can fail but on balance you get what you pay for. And if you buy cheap - buy 2 to be safe.