Let me explain why I prefer SL4 over Dorcy. BTW, my SL4 is stock. 1) SL4 has better color. Next to each other, SL4 is whiter while Dorcy look slightly green. 2)SL4 has a noticeable brighter but smaller hot spot. The beam gradually and slowly fade out to a large side spill. Dorcy's hotsport is bigger, less bright and has more even brightness. But once outside of hotspot, the side spill die down very quickly. I will try to post some beam shot tonight.
Now, I dive mostly daytime in Monterey. Water viz is like 10-15ft average. The higher intensity hotspot of the SL4 is more useful here for signalling buddy, looking between rocks .... Dorcy's less intense and bigger hotspot is less effective. In night dive, the intensity of the Dorcy is good enough, but the side spill isn't as wide as the sL4. the whiter beam of SL4 also help to maintain better color in night dive too.
What I really want is a light with beam quality of the SL4 and in size of Dorcy, then I think I am set until I can afford a canister light.
Thanks for the explanation. You will probably like the Ultra then. It's usually a different emitter than the Dorcy and it will be as you describe in the SL4.
You can also get something similar at DX (which is what I use as a backup) which is the Ultrafire W200 for $37. I uses 3 AA's and has a narrow beam (Cree XR-E).