The flashlight is an absolute godsend if you have a use/need for high brightness LED bulbs. The 27 LED's in the flashlight each have a forward voltage of 3v and a forward current of 50mA. In comparison, white LED's cost $2.50 for a package of just 2 at RadioShack.
With just a soldering iron, a multimeter, some wire, and a "third hand" (either store-bought or homemade), you can extract all 27 LEDs for whatever nefarious purpose should suit you.
Step 1: Take the flashlight apart
Unscrew the three Phillips head screws on the back cover, then pry the back cover off with a flat-bladed screwdriver. This will reveal four more Phillips head screws--remove these. Remove the batteries also.
The top cover, lens, and reflector should all be fairly straightforward to remove. After removing the batteries, snip the two wires leading between the circuit board and the battery compartment.
The magnet on the back of the cover is useful for retaining the screws. Keep the magnet, screws, and hooks for other projects.
Step 2: De-solder the LEDs
Removing the remaining 24 LEDs is also straightforward. For each LED, apply your soldering iron to both leads simultaneously. Wriggle the LED out by pulling on the bulb--you might need to use needle-nose pliers for this. It helps to have the circuit board held securely by a third hand tool or a vise.