Last month, I wrote up a post about the Joby Gorillatorch Switchback, a convertible headlamp/lantern. Recently, I found another cool headlamp/lantern combo from a more established name in outdoor sports: the Mammut TR1. Weighing well less than the Joby at 2.5 ounces, the four-LED, two-setting TR1 spits out up to 50 lumens. A simple ambient light attachment turns the headlamp into a lantern.
Pretty nice piece of multifunctionery for your next backpacking or climbing trip. Best news: REI's got a sale on it and is running it for under 30 bucks (or at least it was when I wrote this). Given that it's a lantern and headlamp, this one should earn you credit for two gifts.