The NiteIze Lite Ride is a rubber strap designed to mount a mini flashlight to your handlebar, seatpost, or any other tubular thing you want to attach a mini light to. This clever five-dollar doodad probably works in a pinch or to mount a backup light, but no mini flashlight I've seen puts out the light needed to see or be seen on a bike.
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Actually one of my backup lights is a mini from Wal-Mart. It's a 3-AAA flashlight with a 1W luxeon emitter. They must be overdriving them because it puts out significantly more light than my Planet Bike SuperSpot which is also a 1W luxeon.
Admittedly neither of those makes me happy if I lose my HID but they'll get me home OK, and either one is better than what most people ride with around here (nothing).
I made my own mount for it which is very similar to that pictured; 5 strong rubber bands.
As you say though, I certainly wouldn't want to try to get home on a typical 2-AA mini flashlight; IMHO those are horrible.