Some things are just so obvious that they make you think, "Why didn't somebody think of this before?" The LED Magnetic Flashlight by Striker is such a product -- It's small, covered with 12 magnets, and uses LED lights. The flashlight is smaller than a golfball, can aim light in virtually any direction, and it belongs in any DIYer's toolbox.
The Striker LED magnetic flashlight makes looking for things in tight places so much easier and handsfree. Because of the magnets, it also works as a pick-up tool to pick up dropped nails, screws, etc. Plus, it's inexpensive – only $7.99.