I just picked up my two Luxogen LR5-3W lights today and got to play with it a bit just a few minutes ago. It's not dark yet, but I did some testing in my controlled laboratory (aka, my bathroom with the door closed for darkness).
Summary of Luxogen LR5-3W:
Battery - 1x CR123A
LED - LuxIII
Lens - 2mm Mineral Glass
Finish - Hard Anodized Natural (HAIII Nat)
Dimensions - Approx. 67mm x 0.79 (exact same size as Jet1 123A)
Price - $28.95 shipped
Vendor - Waion on CPF
Color/Finish/Exterior Machining/Design - The HAIII Natural is lighter than that on my Jet1 and a bit shinier, but it's very even. The knurling is done very nicely and the machining looks very good overall. The threads can be a bit rough, but a bit of lube should smoothen it out nicely. I suggest turning the head somewhat slowly when reassembling after putting in a battery as if you turn it fast, the o-ring will bind a bit, but it doesn't occur (often) if you just turn it normally/slowly. The threads fit the Jet1's threads prefectly, but the Jet1's 123A body has a longer threaded portion, so tho both heads and bodies are swappable, neither will turn on. The circuit board as seen from looking into the head is clean, cleaner than the P1. It has 2 solder areas, but they're not huge or blobby like on the P1. The circuit/light engine can be easily removed by unscrewing it as shown in Waion's thread in the Dealers forum. The light seems very modder friendly should anyone feel the desire to do so. There is a spring at the bottom of the battery tube to hold the battery and prevent rattling. I prefer this design over the nipple used in the Jet1 and P1. My bro-in-law recently dented the bottom of the cell in his P1 by turning it too much. I think the spring would prevent that, along with addressing battery rattle issues.
Aesthetics/Exterior Design/Ergonomics - The crenellated bezel is nice and adds a bit of character and uniqueness to distinguish itself from the Jet1 it's very similar to. The bottom has a threaded portion for a tripod just like the Jet1 123A. The OD of the reflector is a bit smaller than that of the Jet1 and P1, but the metal around the reflector (thickness of the tube) is very thick. The reflector isn't as deep either as the Jet1's, but similar in depth to the P1. I haven't tested throw yet. Overall, I love the look of it tho I like the darker finish of the Jet1 more. Still, an amazing deal. The head is smooth like the Jet1, so using it one handed when your hands are wet or sweaty might be a bit tough. The body is easy to grab and hold tho, easier than the Jet1 because it's both knurled and has machined flats. There are 3 flats like on the Jet1, but they're much smaller than on the Jet1.
Beam, tint, output – I tested it against my Jet1 in my lab (bathroom). Both on primary 123As, the Jet1 is brighter (estimated to be about 45-50lms). Both on Li-Ion R123As (the new ones from Dae fit perfectly in both my Jet1 and Luxogen), the Jet1 is brighter again (estimated to be about 70lms).
The Luxogen LR5-3W on R123A is about as bright, perhaps a bit brighter than my Jet1 on primary 123A. Given this, it seems to have similar output to the Fenix P1 (which ranks similarly against the Jet1 where on R123A it is about as bright as the Jet1 on a primary 123A). I'd estimate it to be about 40lms on primary 123A and about 50-55lms on R123A (same as the P1). I haven't tested it against the P1 yet since my fiance carries the P1 and she's out shopping right now (oh no!). Tint on one was very white, similar to my Jet1. The other one is a bit green, but Waion informed me of this before he shipped them. It's actually not as green as I had been expecting and I actually don't mind the tint too much as green tints lend a bit better to distinguishing the various shades of green when looking at trees/shrubs/foliage/etc. I may change out the LED later if the tint really bothers me since the light engine is easily removable as stated above.
Edit - I tested the Luxogen against the P1 last night and sure enough, about the same performance on primary and LiIon. I prefer the greener tint of the Luxogen to the purply tint of my P1, but that's all in the Lux lottery.
Other info - I purchased two of the HAIII Nat versions from Waion. A Black TypeII anodized version is also available for $24.95, but for only $4 more, I couldn't resist the HA version. I let my dad choose the one he wanted and chose the whiter tint one, so he'll be enjoying that one at work now. He used to carry a Pelican M1 2310 (old version with side clicky) with him at work. I bought him the PM1 to be used at home, so when I found out he was carrying it to work, I wanted to get him a smaller light. I'm keeping the greener tinted one. Considering how well it seems to be made, output similar to P1, the great style/design (I prefer this design over the P1), and the price, I think this is the BEST ultra-small single 123A light available!
Edit - I received new 1mm x 10mm o-rings from Waion and they work great. No binding at all now, even when twisting fast. And I got them extremely fast...Waion's customer service is amazing. I'm liking the LR5-3W more and more.
Fenix P1, Jetbeam Jet1, Luxogen LR5-3W
Down battery tube/body - Spring at bottom
Circuit in Head
Left = Luxogen, Right = Fenix P1
Beamshots outdoors at my tree covered fence approximately 32-35ft away:
Luxogen LR5-3W underexposed (max underexposure of my camera)
Fenix P1 underexposed