Pros: Nicely put together. Looks like it is chromed it is so highly polished, but doesn't seem to take fingerprints.
Long runtime on high - over 2 hours, more than 4 hours on low.
Specification grossly understates the output - 220 lumens is more like it on my specimen. On the small side for an 18650 light.

Cons: Stainless steel is not as good a conductor of heat as aluminium. It can get very hot if left switched on.
Heavier than an aluminium light.
Output regulation not good.

Other Thoughts: The head of mine is engraved Cree R2 and from the light output it isn't a Q3 as claimed in the spec. It is a lot brighter than claimed.

Bottomline: I like stainless steel lights. I like affordable ones even more. A well-balanced and sensible design
Would be better if it didn't have a strobe mode.

Pros: This flashlight is constructed of beautifully polished stainless steel. This sets it apart from most of the aluminum flashlights.
It's got a nice weight and feel to it. With out being too heavy. The threading on this light is perfect. No burs, or misaligned threads. It even has lubricated double o-rings on both ends. This thing is very water tight. When I unscrew the tailcap you can even here a small pop from breaking the suction seal.
The driver and emitter is imbedded in a nice big chunk of brass, great heatsinking. The clicky switch is also one of the better made switches, I have seen. Compared to some of the other lights being offered.

Cons: The flashlight is a little on the long side. This is due to the very deep reflector. You will have no problem using any of the longer protected 18650 cell's so that's kinda of a pro. I personally would like to see it loose a few mm.
I could do with out the strobe effect. I have no idea what I would ever use that for. Maybe if I was lost at sea in a life raft.

Other Thoughts: I'm glad they decided to offer this in a three mode version. A 2 mode would have been even better for me. sku.32564 is the 5 mode version if you like all the extra modes.
While this light uses the cree Q3 emitter which is a good solid emitter. I would have liked, to have seen. Something a little newer and more efficient used.
This is also the second one I have ordered. Both were the exact same in quality and construction. So what every factory is pumping these out, are at least paying attention to detail.

Bottomline: Bottom line, this is a beautiful flashlight. It is one of the best constructed and designed lights, I have seen in this price range.
Every now and then I'm amazed at some of the deals on DX.
Most of the time I feel like I got a decent deal. Every now and then something comes along like this flashlight that screams great deal.

Pros: Thin body (read width-efficient design). Actually comes with properly sized o-rings installed (double on the head and double on the tail) They even came with lubrication! I've never seen that before from a DX KD light. Threads are clean and well machined too! I can't believe it came from China like this. It's waterproof right out of the box. Deep (steeply curved) reflector allows for fabulous throw with even spill. Shiny and Durable finish makes for a pretty light.

Cons: Heavy and long. 10mm longer than my shortest 18650 light. I guess this allows for longer cells and that deeper reflector. Gets Very Hot. May burn the skin if left on for long time and suddenly grabbed tightly. Stainless Steel does not dissipate heat very well but it also doesn't conduct heat into your hand very fast either so hotter surfaces wont "feel" as hot. Emitter is pretty lame. Kinda greenish and not very bright. Multimode sucks. I hate multimode lights that use this interface, I'm constantly fumbling with the damn thing to get the level I want. Strobe is the worst.

Other Thoughts: I'd rather have a smooth reflector. Properly designed you don't get artifacts in the beam and you can have amazing throw too! The steel used is not attracted to a magnet so I'd say it's a high chromium and nickel steel. (Very common among stainless steels)
This light begs for an emitter upgrade (perhaps a warm cree) and a forward clicky switch. (which I just completed on this light for myself) :) I also disabled the multimode by grounding the -NEG wire of the LED to the body of the light with a thin wire.

Bottomline: Fair price. Not super low like other DX lights; but fair and worth it given the attention to details like properly sized o-rings, lube and fit and finish of the threading. Shipping was also very fast by DX standards arriving in only seventeen Days!