Pros: This is surprisingly sturdy. I bought this along with a C3(sku.4452) and this one feels considerably more solid. Also a bit heavier.
The defense crown looks good and after gently pressing and spinning it against my skin, i can see it as a reasonable way to defend yourself.(a hard wack with a 3 D-cell battery would hurt a lot more, but its better then nothing.)

Cons: Like others have said, there are too many modes. Personally, I think a simple low and high mode are sufficient.
Also, there is battery rattle when using the extension tube. This is the only design flaw i see, which is a shame as its really close to being perfect.

Other Thoughts: I'm not a hardcore flashlight collector or anything so i cant comment on the light quality. When it has 2 brand new Duracell AA's and set to high mode, it seems just as bright as sku.4452 with the same batteries.

Bottomline: Its a good thrower, and well built(other then the battery rattle)

Pros: I already own one and liked it so much that I ordered three more!
Nice all around light with decent anodizing and build quality.
Clip is a useful feature.
Head can be removed so you can use it as an all flood light.
4 modes are better than 5 and the low mode is very low and useful.

Cons: 3 modes would have been better...no need for a second strobe mode.
Dirty and dry threads but not a big deal.
Can't stand the plastic lens...it attracts dust due to static and scratches easily.
No O-ring in the head.
Switch is mushy and needs to be tweaked.
All four of my lights were bright but had different tints.

Other Thoughts:

Bottomline: Even with the minor issues, it has a very unique design for a 2xAA light that I like.
There is a sizeable difference between high and low mode which is a plus.
Buy one!

Pros: -This light has it all: It can be used with 1 AA, or 2 AA's with the included extension tube. It also has a 4 modes - Hi-Low-Slow Stobe-Fast Strobe.
-It is just about around the 'magic' weight and feels really nice in your hands. I like the design...It looks 'mean'.
-The anodising seems good, nice and even and didn't arrive scratched.
-It appears to have a glass lens and aluminium reflector.
-It is nice and bright with a good throw.
-The low mode is actually low unlike other moded lihts on DX.
-Mode switching is simple and works with a half-press

Cons: -The silicone tailcap feels like chewing gum and started to wear through within a few uses. This is easy to replace, and the 14mm tailcaps (sku: 5498) on DX fit perfectly as replacements.
-The defense crown is a bit sharp and could be finished better, but this is not a huge concern.
-The pocket clip (a nice feature) has to be taken of to completely disassemble the light. I've yet to take it off but it looks like it may scratch the anodising up.
-The theads were smooth but dry, so a little grease was required.
-No mode memory - but this was a pro for me as I don't like memory.
-2 strobe modes are pointless - One would be overkill. A 'medium' setting would be more useful.

Other Thoughts: I was very doubtful about buying this light instead of the 5-mode C3, which generally gets better reviews. However I am really impressed with this light and don't regret my decision.

Bottomline: If you want a bright, feature packed flashlight theres no question about it, this is the light you want.

Pros: Nice looking light for the money...anodizing is smooth with no major blemishes.
O-rings were in all the proper places including the lens.
Low mode is actually pretty low and quite useful.
Good sized lanyard.
Tactical bezel is rare in this form factor so it was a nice touch.
Brightness as expected from P4 in 2xAA and output is smooth from spot to spill.

Cons: Plastic lens and reflector.
Lens moves around even with o-ring in place...without o-ring, it rattles and moves quite a bit.
Bezel unscrews with just a few turns.
Threads were dirty and the light was hard to screw...also threads were dry (no lube).
Thicker than it needs to be...battery rattles, even fatter 2650mah Duracell NIMH.
Cheap components...worst clicky I've seen in a while.

Other Thoughts:

Bottomline: This light is adequately built and is attractive, especially with the strike bezel. However, it feels like a $20 torch and hence, for the price, it's not bad. But for $20 you could get a Ultrafire C3 or a Saik or 2 Romisen RC-G2's that are all nicer and better built. Too bad they don't have the bezel.