I'm a bit of "torch junkie" too with a small collection of Pelican, Streamlight, Inforce and Surefire lights.
I use dedicated WMLs on my 1187 and carbine (SF X300) and on my G17C (Inforce APL), so my hand held lights are intended for more utilitarian purposes as well.
My primary handheld light is an older (200 lumen)
SF 6PX Pro - having the 15 lumen option is very handy for "non-tactical" uses such as walking the dog at night. Though it would be nice if it went to high output on the first press of the momentary switch, for the way I use this light the low/high arrangement is not a deal-breaker. FWIW, I find this size light to be the near the limit in terms of what I want to carry clipped inside a pants pocket. The newer 6PX lights (Pro/dual output, Tactical and Defender/single output) feature 320 lumens and a spring at the front of the battery for improved durability (especially if used as a WML).
Additionally there are some excellent aftermarket accessories for this series of lights;
http://www.oveready.com/a-parts/tail.../prod_204.html
http://darksucks.com/store%20DS_SFClip.html
The newer Fury P2/P3 series also accepts these same accessories.
Like rob_s, I also keep plenty of low-cost, lower-powerd lights handy, in my case a bunch of
Streamlight Task-Light 3AAA scattered about the house and in our vehicles. I've found these lights to be quite durable (haven't had one switch failure yet) and when loaded with AAA lithium batteries, to work when needed even after long periods stored in a glove compartment.
Finally, I have a
Surefire P1R Peacekeeper inbound from Santa this year, which I'm looking forward to receiving. Like the 6PX Pro, it's dual output but the clicky tailcap is high/low - the first press brings on 600 lumens, then 15 lumens on the second press. I'll be adding the SF Clip to it immediately so it will replace the 6PX as my carry light. A few reviews of this new SF light can be found here;
http://flashlightguide.com/2014/09/r...r-peacekeeper/
http://www.led-resource.com/2014/09/...keeper-review/
As a note to the dual output circuitry in these lights (using my 6PX Pro as reference), the first press of the momentary switch brings on low. Releasing it and immediately pressing it again brings on high (this function is reversed in some SF lights, like the Peacekeeper). The SF stated reset period of 2 seconds does not apply to rapid depressions of the switch: if I rapidly press the switch on and off, it will cycle between low and high with each press. In other words, if you're using high and accidently take pressure off the switch and the light turns off, two rapid taps gets you back to high. The "2 second reset" only applies if you leave the light off for at least that much time.
For strictly tactical or weapon-mount use, the single mode lights are certainly preferable. But for "non-tactical" use, the dual-mode works well once you get used to the operation. I believe I'm going to prefer the high/low sequence of the PR1 - high power on first click, but instant/easy-access to low power (without having to turn a tailcap) when I don't want to blind the dog.