If you are interested in upgrading to the leaked Froyo with working Sense it has a built in flashlight app. It looks like the upgrade of Android will include a flashlight app.

 

There is to my knowledge no flashlight app that takes advantage of the camera LED's for a stock DINC. If you ROOT the phone then there are plenty of options. I have chosen to hold out for the rumored update to Froyo... until at least when I know for sure it will not happen (and I think it will) and then i will be Rooting this bad boy or using the "in the wild" 2.2 version.

This has been a very discussed subject, a search will give you a lot more answers. First one is free

http://androidforums.com/search.php?searchid=2485748

 

you can root easily and get the lamppu flashlight app and it's awesome, I only rooted for the flashlight and the wireless tethering ability, but it doesn't always act right.

 

I had that for a few weeks, but the led flashlight is SOOO bright, lol, you can blind ppl with it.

 

lol @ n00bs thinking you need to root for this! Just search for Incredible LED flashlight in the market! I've had it for months! It's a bit buggy but if you REALLY need it without rooting, it works!

Here's a QR code that links straight to the app:

 

well I like free....I didn't see 1 for free without rooting, but rooting lets me wireless tether which is cool.