It seems Leatherman is coming out with a group of three new LED flashligts. I don't have a lot of info, but here's the links to Leatherman's Image Library...
Promotional pics of the new lights.
S1 & S2 sell sheet.
S3 sell sheet.
Super short version...
All= waterproof, type III HA aluminum, tail click, regulated
Serac 1= 1xAAA, Nichia 5mm GS-K1, 1 level output, smooth AL reflector
Serac 2=1xAAA, Cree XLamp XR-E, 2 level output, textured AL reflector
Serac 3=1xCR123, Cree XLamp XR-E, 3 level output, textured AL relector
Any thoughts from the flashlight gurus?