Pros: Great quality at this price point .
Output as advertised [ 200Lumen ]
18650
High = 200Lumen / Throw 19500Lux @ 1Meter / 0.9A Current draw at tail .
Lo = 45Lumen
CR123A x 2
High = 215Lumen / Throw 19800Lux @ 1Meter / 0.55A current draw .
Lo = 160 Lumen / Throw 14000Lux @ 1Meter
Must be the two mode tail clicky and the voltage from the CR123A's
Build quality is really good , and I was very impressed .

Cons: Head is glued : What a pain !!!!!!!
0.9A current draw with a 18650 @ tail .
So might be around 0.7A to the LED , seriously under driven .
Tail clicky design internally might want some looking at .

Other Thoughts: This light does not need a driver swap , it deserves one !
A 1A to 1.2A buck boost driver might be in order for use with 18650 , forget the CR123A's .

Bottomline: 200Lumen , 19500+Lux throw , good build quality , useful low with 18650 , good run time , even as is , its impressive , and throws better than sku.16538 .
In fact ,this would be my No1 pick of the single 18650 throwers on DX ....

Pros: It's as close to a Spear as can get for about 1/5th the price!
-Very Very Bright
(blinding in closed quarters when on HIGH)
-Deep reflector gives the Q5 emitter a great throw with plenty of useful spill.
-Little if any rings or artifacts.
-Nice solid hot spot.
-Runs cool after prolonged use on "HIGH".
-Useful for indoor or closed quarters "LOW" 2nd mode.
-Mostly white cool tint.
-Great size and ergonomics.
-Very solid construction without being overly heavy.
-Can tail-stand well.
-Can light up a 15' x 15' room quite well when tail-standing.

Cons: -Glued on head, difficult to modify or tinker with out of the box.
-Clickie switch is not too solid feeling
-No mode memory.

Other Thoughts: Due to the fact that it's a sealed head with Q5 emitter and the light does not get hot it's hard to tell if:
-The LED is very well heat sinked and thus the light stays cool.
-The emitter is under-driven.
-The emitter/pill is not transferring heat to the reflector/body efficiently and while the body stays cool the emitter is dangerously hot.
*I suspect # 2

Bottomline: I bought two and would definitely recommend it as a great throwing light that also works very well for many applications.
While there are better, more focused throwers, this one has a very useful amount of spill that makes it great for "normal" use and yet the spill does not detract from it's impressive range.
BUY IT!
It's very worth the price

Pros: first thought was cool nice build, doesnt except CR123, 18650 only. throws good but my ULTRAFIRE C8-A1 SKU 22931 THROWS MUCH MUCH MORE THAN THIS. looks really cool, SMO REFLECTOR. throws pretty good.

Cons: Doesnt except CR123. glued everything cannot take apart without scratching the hell out of it. starts out in low mode every time, lame. clicky switch sux. mine fell apart right when I opened it.

Other Thoughts: This light needs an R2 emitter badly. cant take this apart without scratching it up, start up in low mode is lame.

Bottomline: This light needs more output PERIOD. SKU 22931 THROWS WAY WAY MORE. EVERYTHING IS FRICKEN GLUED. WHY DO THEY DO THAT?????????? I like the light, throws very well, build quality feels really solid. Just need more power. 250 lumens or more, R2 version would be the sickest thrower. Great thrower, but needs more output.

Pros: Very tight hot spot, throws very well.
looks very nice, nice finish
super bright

Cons: Glued head, I hate glued parts

Other Thoughts: This light throws like crazy, may not be practical for everyday use but will spot things a long way.
I hate the glued on head, I don't really have a need to take it apart but I want to be able to.
I have put a fair amount of force into trying to get the head off with no success.

Bottomline: Great light, super bright, super throw. I am thrilled with the light except the glued head. WHY do they do that?