Not to be lazy and unhelpful, but a quick search of this forum will reveal eighty-four trillion previous threads about lights. Have a look through some of those.
As for lumens, I was happy with 50 until I bought a lamp with 250, and was tickled with those until I bought a lamp with 800. Reasonably though, if you can get 150 with decent runtime, there's no reason that won't work fine. It all depends on what you want, how much money you have, and what your friends have. It seems that the thing to do is for everyone to try and catch up to their companion with the brightest light. I tend to do the opposite, and often turn my light off entirely when caving with a group.
Headlamps are much preferable to handheld ones.