yeah, i wonder what's with that? I suppose they could be after non-flashaholics...who don't want to pay that much for a light and DEFINATELY don't want to buy expensive L-ion batteries and chargers, but still appreciate the awesome performance these lights offer.
My guess also is that these 4 cell aa lights would be more useful for long-term backpackers out in the bush. 18650 rechargeable's aren't much use when you've got nowhere to plug in the charger. Their only downside (and it isn't much of a downside) is that you need 4 aa's to do the work of one 18650, hence slghtly more bulk. But it's almost like, who cares? I can buy good primary aa's so bloody cheap it almost makes you wonder if they aren't better in many ways...ALSO, the extra bulk means larger head diameter, which means more throw/intensity.
(And that, gents, is a very good example of how we talk ourselves into buying a new light...)