Pros: + Very cheap, even by DX standards
+ Uses very cheap to obtain batteries
+ Exceptionally solid (see other thoughts)
+ As the head with the reflector and lens is separate from the LED you can unscrew the head, then balance the unit on the head to let it tail stand or tie it to something high and be used as a 'candle', where the exposed LED can light up the entire room
+ Shockingly well made, the threads are great and it just feels like its worth three or four times its cost when you are using it
+ Very good light output (i wouldnt swear to it being 120 lumen, but provides more than enough light for use around the house/walking the dog/investigating noises in the garden etc)
+ The runtime is pretty impressive

Cons: - Lots of plastic, such as a plastic reflector and lens
- Beam quality is fairly standard for Crees. In other words, not pretty with lots of rings and artifacts
- The head could be slimmer to make it more pocketable, but with the 3 AAA layout its never going to be a thin light
- I dunno if its just cos i dropped it a few times or if it came that way and i didnt notice it right away, but for some reason every third time its turned off it will stay on. It goes off with a quick double tap and then have two more normal on/off cycles before sticking. Its every third time without fail and after a double tap it turns off without fail, which is odd and very quirky, but doesnt detract from its use too much

Other Thoughts: I didnt put its single mode as either a pro or con because i think it can be both. It means there is less to go wrong, but it gives you less flexibility.
As i say, its not gonna win awards, but you are getting a lot of cheap and cheerful good value. My light has been dropped a few times on concrete, dozens of times its taken 3 foot bumps onto wood flooring and its taken so much abuse and just ate it up in a way many other much more expensive lights would never take.
Aside from the weird 1 in 3 fault turning it off it hasnt done anything else i can strongly complain about, i think the cons i listed would be pretty standard in any light in this price range, but the positives you would struggle to get for the same price.
The beam isnt pretty and the output is very solid but not amazing, but its a very good entry level light for those just getting into LEDs and it totally puts Maglights, and probably many other higher priced LED lights, to shame.

Bottomline: If you want the best, then look elsewhere, but if you are in the market for a cheap to buy and cheap to run single mode light then this is a really solid choice.

Pros: All parts can be disassembled. Many other flashlights in this price range cannot.
Can use 18650 with simple modification.
Comes with lanyard.

Cons: Anodizing needs improvement.
Irregular beam pattern from the plastic reflector.
Plastic lens.

Other Thoughts: I have moded this flashlight to use 18650.
Step 1: Put some solders on the positive terminal on the driver. It will provide a contact with 18650.
Step 2: Unscrew the aluminum retaining ring in the tail cap, then remove the black plastic part and copper spring cap. You can cut a switch spring little shorter, but uncut spring would also work.
Step 3: Insert some lining materials (5mm foam pad worked like charm for me) between flashlight body and 18650 battery to prevent ratteling.
Now this flashlight is very bright with freshly recharged 18650. It is as bright as 1A regulated R2 in the beginning, but as the driver is not regulated, it dims as battery discharges. With 18650, brightness was more than I expected for advertised 120 lm output flashlight.

Bottomline: Great flashlight for the money. This flashlight is very bright and the brightness is comparable to regulated Q5 or R2. I think it can be a cheapest 18650 host flashlight with some modification.