This is pretty cool. Just a couple suggestions on the models.
The hand holding the lighter definitely needs work. It looks really bad honestly. It looks fine when you're holding the phone though. Maybe higher poly but I understand that this is just a test.
I suggest making the lighter emitter disappear faster so it doesn't leave such a huge trail behind. If you wave a lighter around, the flame usually doesn't extend farther than the lighter itself.
The lighter also needs a bit of work. It needs to be thinner and more stretched downward.
I'm not sure if I'll invest the time to remake the viewmodel. I might add further detail to the lighter as you requested, however I based it off a zippo light model that was shot and stubby.

I got some more minor issues
- When the lighter is equipped, and you press flat against a wall, no light will be emitted.
- When the lighter is equipped, and you press flat against a streetlamp, the shadow of the streetlamp has a chance to completely engulf you in the shadow.
- Game can crash on exit, not really a major bug, but still an annoyance.
- The lighter trail looks really bad and so does the lighter model and the hand holding it.
I'm aware of the trail issues with the lighter and I will attempt to fix it.
I'm also aware of what is causing the light to disappear when pressed against an object and I have yet to find a solution to it.
The hand model is fine in my opinion and I'm trying to keep the poly count low since Unity3D isn't the greatest engine.
As for crashing on exit, I do believe that's just Unity3D's fault.
Sorry for double post, but you can also see the seams on the looping streets, looks like it has vertex lighting...
The UV map on the street lamp was done in like two minutes. I plan on remaking it. :P
-snip-
Oh dear.
And the phone is meant to be a menu of sorts. You're not suppose to move with it out.