Here's a picture of the driver board of the Cree MC-E diving light that is switched by a rotating magnet on the body. I don't understand circuit boards but perhaps you can. I don't see any reed switches. Someone said it was just switched with FET's.
In case this helps, here is the picture:
Is this the DX $95 light? Can't really tell much from the bottom of the PCB. So all of the electronics for this light are in the reflector & PCB on the pill?