If you're looking for a cheap LED torch, I bought myself one of these from Fleabay recently.
(sorry about the pic, tinypic seems to be playing up
)
I've only used it once or twice, but it's much better than a similar sized halogen torch (like the SL6s etc.) and cuts through the murk pretty well for it's size and price.
Have a look here:
Aquatec Aqua Star 3 LED Scuba Diving Torch - RRP £49 on eBay, also, Dive Lights Torches, SCUBA Snorkelling, Sporting Goods (end time 18-Feb-08 20:22:38 GMT)
Obviously not a patch on a GF or salvo, but then it's only a tenth of the price
HTH
Steve