K.A.
My definition of when they are too old for something is when they say they no longer want it. I hate that people have come up with these arbitrary "too old" limits. I still buy Build a Bears for myself and I'm 43! My 12, almost 13 year old son still loves his. If your son is asking for Build a Bear then he obviously isn't too old for them. Those bears are a lot better built than todays horribly cheaply made and just as expensive action figures!
I haven't gotten one of those flashlight friends but we had one that was the same idea from Ikea. The flashlights they put in them are cheap, low quality ones that just don't work. You're really better off getting a much less expensive, higher quality LED flashlight with a character on it he likes or in a color he likes and an animal that he wants. I've seen the commercials for the Stuffimals and think those might be fun. It would be a good place to store throw blankets and stuff and maybe the flashlight ;)