For that price range it's tough to beat one of the Streamlight TR Series:
But I just bought another SureFire X300 Ultra for just over $200 a couple months ago. I've got 4 SureFire weapon lights and a bunch of their handhelds. Never had an issue with any of them.
Here's a X300 Ultra for $207:
Amazon.com : Surefire Ultra High Ouput LED Weaponlight, Black : Tactical Flashlights : Home Improvement