I agree and actually, I'm not aware of a directly comparable product from an established dive light manufacturer. That's the problem. If you want a $400 clunky UK AquaSun led light in a big plastic housing that's the closest product that I know of. If you want a dive light with half of the output then you can get smaller ones that you can mount hands free.
If you want a comparable light then you can get a cannister light. If you want a minimum 500 lumen hand held dive light of this size with a 2 hour burn time on high...good luck finding one from an existing dive light manufacturer.
TillyTec have a handheld light called the maxi light that uses the P7 led (900 lumens) ok its not £50/$80 but its defo as bright... but fricking ugly..$358 ouch..
you can find it on the tillytec us site...
Sorry i cant post links at the moment..