I just picked up a PolyStinger LED from Streamlight over the weekend. Not a spotlight by definition I guess, but you'd be amazed how bright a small light can be, and I do find this light impressive for it's size.
First Streamlight I've picked up, and I really like it compared to my older Surefires. I had it out last night, and I know 150 yards or so with the light wasn't a problem. Nice thing is with the three settings, you have 7 hours on the lower setting (80 yards with the lower setting wasn't a problem), 2 hours on the high setting. Fits in your back pocket (kind of like other things where if you don't have it on you, doesn't do you any good).
Stinger Series - PolyStinger LED | Streamlight
I really wish they would let you take a light home and test it. I don't know how they determine how bright a light is, but I've seen some lights seem brighter than others, even though they were supposedly "less bright" per the ratings from the manufacturer.
If you wanted to bite the bullet and go over budget, I'd seriously look at one of these
http://www.streamlight.com/product/product.aspx?pid=128
After a little looking around on the HID light, came across this
http://brightestflashlightintheworld.com/
After reading some of the comments, some people have picked these lights up (different manufacturers) for under $50
For what it's worth, I've gone through my share of spot lights around the house for back up (usually from a box store), and it does seem like you get what you pay for at times. I now hold on to my $30 receipts if the light comes with a "lifetime" guarantee.