Pros: Small and light. Simple, it is either on or off so little to go wrong. More than adequately bright for a keychain light. Seems to give much the same amount of light from an alkaline or an NiMH cell - fractionally brighter on an alkaline actually. Fits unobtrusively in coin pocket in a pair of jeans. This one will not be turned on by accident.

Cons: It is rather long for an AAA light. Could be brighter on alkalines. The tailcap appears not to be removeable so battery replacement is by removing the head. This makes it well-nigh impossible to measure current draw. Switch is deeply recessed and too small to be operated by my thumb. It may be possible to stick a spacer under the rubber but my attempt to use an old 321 cell failed as it was too thick.
114 lumens! They must have used awfully tiny lumens to get that many. Maybe 70-80. On a good day

Other Thoughts: Its styling is strongly reminiscent of the Ultrafire C3 writ small. It surprised me that according to my scales it is a gram heavier than the Akoray K103 - but it still is only 23g or about the weight of two AAA alkalines. The wrist strap is moderately useless as it could do with being a bit bigger - and I have smallish hands. Anodising appears to be of good quality.

Bottomline: Nice one to give away. Will not run for ever, but you get a fair amount of light from an AAA. Cheaper than a Fenix E01 and very much brighter.