I am more than satisfied with my Terralux Lightstar 220. It seems to almost be exactly what you are looking for. It has Cree RXE Q-4 LED. Takes two AA batteries. Has high/220 lumen and low/100 lumen.

The high setting seems to be about 200+ lumens and the low is more like 80 lumens. It is advertised as having a 6 hour burn time in low mode and 2 hour in high mode. After using mine daily for about two weeks, I'd say these numbers are about right. I haven't changed the batteries yet and it is still as bright as when I got it.

It is has a solid build, aircraft aluminum. Comes with a mediocre sheath and lanyard and a nice pocket clip. It is waterproof.

It performs as well as more expensive Surefires and Fenix lights, and the best part it is only $30.