Sounds good for the money. Lots of cheap lights out there and some are surprisingly good, or at least good values.
Best cheap light I've tried was sold as the Vivo-Bike Illuminati about three years ago. A few other vendors sold the same light for as little as $10. Not a great headlight for seeing the road -- just barely adequate for that. But one of the best to-be-seen lights I've seen or tried. It's about the size of a Bic cigarette lighter, weighs even less, performs exactly as advertised and is still going strong after three years of regular use on almost every ride. I use it as a helmet light unless another cyclist in a nighttime group ride showed up without lights. The thin, flexible but strong rubber strap fits almost anything.
Next best wasn't really cheap but a great value -- the Blackburn 2'Fer. Possibly the best to-be-seen light yet for a commuter. It's just a little clip-on badge with red and white modes, steady or flashing, in one simple unit. Fits my helmet , hat band when I didn't wear a helmet, shirt collar, belt, shoe, or any makeshift or built in strap. Holds more securely than any similar light I've seen. I've picked up lots of taillights that popped loose from other bikes in group rides and it's almost always due to poorly designed clips (incuding the older Blackburns with wire clips). The 2'Fer clip is snug fitting plastic, very strong, and has extra retaining hooks and nibs to cling to narrow or wide straps. It works so well the $25 price turns out to be very reasonable for the value, and a better buy in pairs for $40.
Least good value was the NiteRider Lumina Micro 750. Not a bad light at all, but on high the output drops very rapidly, from 750 lumens to around 400 in only 10 minutes. It's more of a 300-400 lumen light with turbo boost. I mostly use it for local errands and as a backup. Other NiteRider models perform better according to test sites.
Best value has been the Light & Motion Urban 500, and everyone I know with L&M lights likes 'em. I can nitpick little things, like the strap, the swivel mount, the USB port cover. But it works well with a relatively flat output curve. I'll probably buy another more powerful L&M and run it on medium to last longer. I've homebrewed a snap-on hood that shades the overspill from the eyes of oncoming cyclists and pedestrians on the MUP, and enhances the side view. Easy to do with the Urban series cylindrical barrel. It's harder to homebrew an effective and convenient hood for squarish and oval shaped lights. And there are some great discounts now on some Urban models.