I own a set of the '3 for $15' Home Depot Defiant Brand headlamps and find them to be very good value for the price.
While not mentioned on the package or website, they do have four light 'modes' 1. bright white 2. red 3. green 4. flashing red
They do not have a gasketed light or battery case, however a light dunking in fresh water or rain doesn't seem to bother them.
They are made of less durable plastic than my Petzle. It is possible to chip and or break them.
As far as durability, in a 10 year time frame I am much more likely to 'loose, lend or drop into the river' any headlamp I own.
I can buy 10 of the cheap ones for the price of the ones metioned above, which means I can afford to keep one with the kitchen box, the captians box, one in my tent, one in the car etc.