I love the DR lights from the past few years, ever since the LX20, they have been making extremely good lights at a really good price. That's not to say UWLD or LM are bad at all, I really think you can't go wrong with any of the lights from the cave country manufacturers.
The EX35 is a hell of a light. I like the sexy head design with the red fins and the black outer casing, and the physical switch which is a little more affirmative than a piezo. It's not fair to state that it "tapes to 1% over 5 hours," better to say "Tapers to 20% over 6 hours then remains an emergency light source for an additional 16 hours."
Assuming the UWLD are truly a consistent 3500 lumens over the burn time, you have the option of
-1.5 hours for $1,545
-3.3 hours for $1,745
-5 hours for $1,945
The EX35 starts at 4300 lumens, 22% more than the UWLD, and stays above 3,500 lumens until hour 3, making it essentially the same as an UWLD with a Short battery, but at $1,200 instead of $1,745, so not only it is 31% cheaper but it continues to function for an additional 3 hours after the UWLD would have shut off.
I think most of us have an older light body which could be repurposed for suit heating, which is beyond most of us as well, so I don't think the stacking caps should be high on your list of must haves. I'm sure you'll be happy with both lights, but the EX35 will not disappoint. Don't read into the "tapers down," all LED's have some degree of tapering as they heat up and limit the current, and I've never been in a situation where I noticed the EX35 tapering down to a point where it doesn't feel like the brightest MF'er in the room. That said, I love my HP50 but for dives over an hour, the EX35 has significant gains on burn time and my original HP50 batteries are slowing down a bit, so if you have the money for an EX35 I would not second guess or waste a moment, order it!
The EX35 is down to 3500 after 2 hours and dropping steadily from there.
If that works for you, fine. I’m not knocking it. I’m simply stating what the specs are, and that it’s not how I feel like I should invest my money. The OP should have the facts and make their own decision about their budget and what works for them.