Pros: This is a great bright little flash light.
Barely bigger than an AA battery, The OSRAM led is a PERFORMER, it does stand the comparison in terms of total brightness with these Q5 and R2 cree which are so much buzzed about.
Simple switch, only one mode, so you get light when needed. Not too bright or focussed either, so you do not need sunglasses and sunblock at night :-).
The main focus is a medium sized uniform brightness circle. the only other reflector I have doing this so perfectly is in a Fenix PD20/LD20 Q5. Talking about the Fenix, The Tank is between the Fenix's turbo mode and it's medium mode, probably arround 100 lumen, which seems to me like a great compromise for a small lamp.
Perfect size for the pocket, it is the same size as most AAA but with an AA!
Posibility to use either the tail switch or head as switch
Good quality, it seems.

Cons: An OSRAM led? actually it's not a Con, it's a pro, this thing outputs as it is with a Nmh AA the same amount of LIGHT as a cree R2 of SKU 24291 with a 10440.
The size of the tube may seem a bit short for some batteries needing to unscrew the head to allow to switch off.

Other Thoughts: Color is warmer than all other lights I have tried (SSC p7, Cree Xre-q5-r2, Xpg-r5, etc...) not a pro or a con, just a note.
Hmmmm, I am starting to wonder if Cree leds are not simply largely overated everywhere. Too bad for the "experts", direct experience is the only base for discussion !

Bottomline: If you need a simple, bright, small, light AA led light for everyday use, this is the one -- at the right price.
Probably one of the best values in DX's flash lights as I write this.

Pros: -Bright!!! when it works properly.
-Size is very convenient especially for EDC
-Looks great!

Cons: -Unreliable switch
-poor quality control, all 3 of mine have been faulty and had particles in the reflector housing and on the led itself

Other Thoughts: I recieved 2, and one light up for a second and then went off, never to work again. The second light only works sometimes, working dimly most of the time and requiring fidgiting and fooling around with the switch and tapping it on my hand in order to get it to work properly. DX sent me a replacement and its the same thing. dimming, and flickering and rarely ever working at full brightness. Needless to say, I am very dissapointed in this light and the tank007 tk-703 aaa light is serving me BEAUTIFULLY. Just as bright or brighter, with what is definitely a more reliable clicky switch and operation.

Bottomline: go with the aaa light, the tank007 tk-703. its been my edc for a couple months now, and hasn't skipped a beat. it shines just as bright and hasn't gone through one battery yet! If i have had 3 of these E07's that all have been faulty, it can't be a fluke.

Pros: Bright OSRAM LED
Small
Great anodized finished
Pre-lubed threads
O-Rings in the right places
Good overall build quality
Simple, reliable twisty switch
Great quality lanyard

Cons: Poor quality control
High current draw
Small reflector / emitter leads to an uneven pattern
Possibly not waterproof

Other Thoughts: The first copy of this light I received died in under a minute of usage. It was probably due to a defective switch mechanism (apparently a prevalent problem for this model) which caused a current spike or short that destroyed the emitter / driver. DX had a replacement to me in about a month, and this copy has worked flawlessly thus far.
It has been reported that this can run on a 14500, though it's probably over-driving the LED, so I wouldn't recommend it. It's seriously plenty bright. In fact, any brighter and I'd say it wouldn't be ideal as an EDC light of this sort anymore.

Bottomline: This is the best flashlight of this size + price category I've seen anywhere. Any other lights comparable in size would be running on AAAs instead, and other AA lights in this price range would be larger.
There are o-rings present, but the twisty mechanism might not be sealed, it's been debated. A conservative estimate is that it's at least water resistant, but not waterproof.
At this price, there is no reason why you can't afford to pick this little guy up as a pocket EDC to supplement a larger torch.

Pros: Very compact as far as AA lights go. It's barely wider than the AA it houses and about as tall as one and three quarters of them.
Has some variant of Diamond Dragon emitter, which creates a smooth beam with very little ringing despite the smooth reflector.
Nice color tint. Still cool white, but a more neutral shade of it.
Output is decent on NiMH. It compares favorably to a ~90-lumen source.
Mechanical reverse polarity protection. The +ve contact in the head is recessed slightly so the +ve button top of a battery can contact it but the -ve plate cannot.
Uses a reliable twisty switch mechanism with a twisty lockout tail.
The lockout tail is secured on the inside so you can't accidentally unscrew it right off. It has over one full turn of travel.
Good o-ring seals, it's splash proof at the very least.

Cons: Battery squasher design. There are no springs in the unit so you're basically pressing the battery against the contacts rather tight to make a solid connection.
The lockout tail has over a full turn of travel and contributes some contact pressure, so when backed off to lock the light out the battery will be free to rattle.

Other Thoughts: You can stop battery rattle by tightening the head some more after lockout to compensate (the light will remain locked out), but you need to loosen the head again before unlocking or the tail will only turn part way and make intermittent contact.
The -ve contact plate inside the light has a slot in it for a flathead screwdriver, and is how the tail is kept from unscrewing too far. In order to remove the tail you would stick a screwdriver down there and unscrew it from the inside first.
The brass pill looks rather beefy compared to the overall size of the light.
The light also came with a lanyard inside a presentable box with Tank007 branding on it.

Bottomline: Decent AA performance in a very slim frame.