My Rotary arrived today, one day ahead of schedule which was a nice surprise. Overall fit and finish is flawless, and the rotary action feels very smooth and rock solid. It makes the light so versatile and easy to use that I wonder how I ever got along without it. I'm also loving the square cut threads. They're silky smooth and it takes fewer turns to remove the head.
The output is cool white, naturally since that's what I bought, but I don't find it objectionable. The primary difference I can see between high CRI and cool white is that the former renders reds better and the latter renders blues better, so they each have their strengths and weaknesses. If there was a way to combine them then you'd pretty much have the perfect tint (how about a quad die with 1/2 cool white and 1/2 warm high CRI?). To the eye the cool white appears pure white while the high CRI has a slight but noticeable orange tint. I'm a little surprised at how pleased I am with the look of the cool white, so I don't know how tempted I will be to trade up to a high CRI model when they're eventually released sometime in 2013.
While the emitter is perfectly centered, the beam itself does have a ring similar to previously posted pictures that is readily evident on white walls but unnoticeable when actually using the flashlight as you normally would, so it's a non-issue as far as I'm concerned.
I handed the light to my wife who was impressed with its ease of operation, so now when she borrows my flashlight, I can just hand it to her without having to turn it on to the appropriate level first. I think the biggest advantage of the Rotary is that it's so intuitive.
Edit: I just did a "backyard walk-around" test and noticed a couple of things: first of all, the transition from hot spot to spill is a lot smoother than the older model high CRI (which uses, I think, a P4?) so it appears a more even brightness from edge to edge which makes for a really nice usable beam. But because it is floodier, it appears slightly dimmer overall than the high CRI, which I actually find a nice feature because even the high CRI's lowest mode seemed almost too bright in the middle of the night. Turning the Rotary on to full bright lights up pretty much my whole backyard (roughly 150x60 ft) and I can easily make out detail on the back fence, so it has plenty of "throw" for my purposes.