Pros: First of all the information on the box is very clear and the light is packed with good instructions along with some spares.
As for the light itself, well it feels very solid and nice and weighty. Infact the whole operation has a very solid a positive feel to it.
I really like the "cigar ring", not just because it is a really cool way to handle the light but because its a very effective anti-roll device.
I think a lot of people will love the simple operation also. With the one click on and one click off. And a small twist of the head to adjust the brightness.
I have similar sized R2 equipped torch and this Fenix is giving off better light. I think the reason for that is the reflector in the Fenix if a very high polish and the glass is very clear.

Cons: There really are no faults I can find but to make this the perfect torch for me there are four things I would have liked.
1. The assault crown could have been a little more aggressive
2. I would have liked the tail to balance.
3. The tail could have been a better fit (I did a bit of grinding to improve that).
4. Access to the LED is very difficult infact I gave up.

Other Thoughts: The TK11 comes with the R2 LED but I really don't think it is any better than the Q5.
If I could have got to the LED I would have tested an R2 in there.
Also the fit between the tail with the body and the loose cigar rind/spacer does hold back a little bit of the quality feel.
But I that bothers you then grind a bit off like me (But don't grind past the cells).

Bottomline: This is very simple, very solid and very dependable.
If you only want a bright light then there are plenty of Q5 and R2 torches out there at a much lower price. But if you use a light for work or any area you demand a good light source then you will be very happy with this.

Pros: At first receiving the package is was in good condition in the genuine fenix packaging, none of it damaged during shipment.
Inside the box is the torch, warranty information, instructions, small booklet of other torches and a packet contain two spare O-Rings, orange rubber clicky, belt case, 4 hex screws and belt clip (two to use, two spare), hex key and gold ring (to switch the anti roll part)
Has two modes, High and Low
The torch it's self is made of very high quality and the parts are well lubricated. It has a rough reflector and has a great throw (I will post pictures soon) Q5 emitter, anti roll and forward clicky

Cons: Only a few cons...
1. Doesn't fit a large range (But I know were to get some that fit) of protected RCR123A batteries (See the forum post made by me)
2. The instructions don't tell you how to change the clicky but information can be found on the internet as well as below.

Other Thoughts: To change the rubber tail cap you need to do the following:
1. Unscrew the rear part of the torch from the main body
2. Looking at the inside of the rear part there is the spring and two little holes either side of it. Get the end of a pen or something and put it in one of the holes and turn anti-clockwise.
3. It will unscrew and carefully take the parts out making sure you keep the parts in the right order.
4. The change the tailcap, put it all back in the right order and screw it back up using the pen :)

Bottomline: This torch from FENIX would have to be one of the best ones they have ever made. I was lucky in purchasing this torch when it was cheaper then it currently is.