I lost my old headlamp and that lead me to do some research for a new one. My goal was to keep it under $30 (because it's an item I could lose easily I didn't want to spend too much money). I determined this was the best headlamp for the price for the following reasons:
Lumens: For a $30 headlamp you won't find one with more than 70 lumens. A 30+ meter beam of light is enough to keep your nerves down if you find yourself in a dark, spooky place.
Features: While there are a couple of other $30 headlamps with 70 lumens, they don't have the superior features of the Cosmo. It has a high beam, which is focused, and also a low beam, with is diffused. Both can be dimmed to the desired brightness. It has a strobe for dance dance parties in the backcountry and a red light to ensure your tent mates don't wake while you study your trail maps.
Full disclosure: I didn't keep this headlamp. I splurged an extra $10 and went with the brighter Black Diamond Spot. For the price, this headlamp can't be beat.