Two lights and two batteries arrived today (8 days in transit, but no complaints - it was free shipping.)
First observations:
(1) careful how where you point it while screwing on the cap to the battery compartment - mine was in SOS strobe mode and pointed towards my face. Doh!! Flash of light and pain! (It is a very bright light.)
(2) switch is very funky... I'm glad I read Spoolin01's hint about how to change light modes - it's not obvious. Turn the ring to "on", then a bit back towards "off" (but NOT all the way back to off), then back to the "on", and you cycle through brightnesses. Repeat in the other direction from "off" for the strobe mode indent to go from SOS (dot dot dot - dash dash dash - dot dot dot) to fast, medium and slow strobe flashes. After turning to "off", it always defaults to "brightest" for "on" and SOS in strobe mode.
I suppose it would have been nice to have included a 1page "manual", but I shudder to imagine describing this weird mode switching using Chinglish or pictograms. (I doubt most readers will understand my description above without playing with a light at the same time.)
The biggest problem I foresee: switch is much too easy to rotate and has no lock for the "off" position. This is a real pity, as it's such an easy little thing that'll make a very real difference. I may try slipping a thin disk of plastic the size of a US quarter inside the battery end-cap when it's out of the water. (keeping the battery in, but impossible to accidentally turn on.) It will still most likely get switched on by accident in a dive, to the great annoyance of fellow divers.
(3) The combined 3-parabola reflector / heat sink seems to be a very hefty piece aluminum (that's good), but the polycarbonate "lens" will scratch easier than glass.
(4) I agree with comments that the thread machining is a bit rough, but I was more concerned by the few tiny bits of aluminum shavings left inside. These could damage the O-rings, or at least prevent a good seal. Not a deal-breaker - but it's a really good idea to unscrew everything and thoroughly wipe / blow it out (and to lightly lube all the O-rings, of course.)
Overall - I agree with others in this thread. It's a great light for the price, and I'll be very happy (as long as it survives a few dives as well as other posters have reported.)
OBTW, I bought two 4000mAh 26650 batteries from the same eBay vendor ($14 / pair) - supposedly with PCB ("protection").
I also bought a Li ion battery charger from the supplier OldSchoolTo mentioned ("liionwholesale.com"). It was a bit more than some other chargers, but this one seems really really nice, with a LED display showing voltage and charging status of each battery, and switchable charging currents (1 Amp for larger batteries, 0.5 Amp recommended for smaller ones.) Li ion batteries are both fairly expensive and more sensitive to charging conditions than some other types of rechargeables, so I couldn't see going cheap on the charger, shrug.
I got the one with the optional DC car cigarette plug / USB charging feature in addition to AC current.
EFest LUC 2 Bay LCD and USB Li-ion Battery Charger, w/ Car Adapter – Liion Wholesale Batteries
Here's my photo of this nifty little charger and the other toys:
Thanks for the tip, Peter, and feedback from all the others on this thread.
-Don