I've had good luck with it and haven't gone through many batteries, although I use it on it's lowest setting most of the time. Most of my times using it have been while camping, without much other lighting, so the lowest setting works well. I have also used the higher settings and they do produce a good amount of light, although the throw distance isn't as much as you'd get with a higher power light. It does a good job for it's size though.
The Lighthound on the left, a Surefire G2 on the right.
Here are the specs:
Mil-Spec Type
III Hard Anodized finish.
Water proof to
IPX-8 standard.
Fully-regulated
circuit
Broad input
voltage takes 1xAA (1.0V - 4.2V) *Can use a 14500!
Orange Peel
reflector for a nice flood.
Simple
operation. High (100%) - Medium (30%) - Low (1%).
Maximum output of 230 lumens for 1.2 hours
Tactical switch
for momentary on.
Anti-reverse
protection.
Pocket Clip
24mm (Head), 24mm (Tail), 102mm (Length)
105 lumens with AA
The light levels are controlled by a button at the end. Press once for the highest level, again for mid level and a third time for the lowest level. It takes a little practice to get it to stay on at the lowest level without turning it off, but it's not too bad.
Overall, I'm very happy with the light given the price. I gave one to my in laws and they enjoy it too, although they just use it for walking the dog.