This probably won't apply to this thread because the price exceeds the original question, but since I got one of these at a pretty good discount and am getting the flashlight either way, I'm probably going to give it a go as a bike light (at least to test it).
In any case, the specs on this light make it an awesome consideration several types of use. Whether it's got enough spill as a bike light, I don't know...but it could always be coupled with another light for spill, because this would certainly deliver the throw at less than $100 (I got one for right at $71, a few lucky people on the CandlePower Forums got one for less than $50). Supposedly incredible runtime and will take several battery types (2xCR123A, 2xRCR123A, 2x16340, 1x18650, or 1x17670). And with the Olights, you're getting something that I associate with Fenix, too, and that's outstanding quality (for those with concerns about that sort of thing . . .
).
Olight M20 Warrior PREMIUM Tactical LEDFlashlight w. Cree R2 - 250 Lumens
Couple of modes and runtime specs:
7 lumens, 150 hours
90 lumens, 12 hours
250 lumens, 4 hours
Strobe
Pre-orders are being taking at 4sevens.com and batteryjunction.com. Check it out if for nothing more than to see what the new technology is bringing us.