Not sure that this is hammock-specific or not. I like my über-light cat-can stove. Probably the simpliest, most efficient alcohol-based stove I've used. When I'm shaving ounces, I like to use alcohol stoves. Some alky stoves burn longer and are better for some types of meals, so if I'm trying to be gourmet, I may bring along a different stove. A few weeks ago, I brought along an MSR Whisperlite because it was a good option for baking pizza.
You can make your own alky stoves for pennies using recycled cans, etc. Check out ZenStoves on the internet.
One of these days I'll feel like splurging on a light source, but for now, I too am using a $12 Energizer headlamp with ooh-aah five light modes and a red LED. I don't feel so bad with my kids playing with it and it works fine.