I have a LightStar 220 Extreme Edition (TLF-3C2AAEX). I don't have the Energizer flashlight, but perhaps I could offer some observations on my LightStar 220 as a comparison for you.
Firstly, I purchased my light in mid-2011, and the packaging claims 1-1.5h on high, and 6h on low. Since new lights seem to have 3.5/26h runtime, my light *may* be the previous generation. I did a 2 hour run test with 2 Duracell NiMHs, but terminated it early because the light was getting a little too warm for my liking. The entire front half of the flashlight body was warm. This is a good thing, as the body was removing heat from the emitter assembly, and I probably should have put it in front of a fan and continued the run test. The flashlight body is about 2mm thick, which makes for a nice heat sink, as well as being strong. The brightness seemed pretty constant over the 2 hours. This exceeds the runtime claim for the light so it's possible that this is the same light as yours.
The reflector is a light orange peel type, with it's base starting at the ring of the emitter. This makes for a nice hot spot with a large even spill area. As I mentioned, there's no flat spot at the bottom of the reflector (as with wider-bodied lights), so there's no rings to break up the spill. On second thought, there is indeed a slightly brighter ring just outside the hot spot. Curiously, you can see the pattern of the reflector in the beam.
Low mode apparently uses PWM. I notice no flickering of the beam, however it does seem to be slightly bluer than on high.
The heat from my run test lightly fogged the lens of my light. Ordinarily, this wouldn't matter much, but the head is sealed, so you can't clean it. Further, the lens is thin plastic, and, despite babying this light, has collected some scratches on it. There appears to be an o-ring between the lens and the reflector, but I'm not sure if there's one between the lens and the bezel (I wouldn't submerge the light). TerraLux tells me that I can send the light back on warranty to clean the head (probably cheaper to buy another light).
Speaking of scratches, I have two or three locations where the anodizing has chipped or scraped off (mostly edges). Did I mention I've babied this light; never dropped it; nor ever taken it outside? I don't think the anodizing is very hard.
The tail cap's threads are rough. I tried silicon grease on the threads, but it didn't help. I cleaned and reapplied it 3 or 4 more times in the following weeks, all to no avail. I finally wiped it off, and tried some Duralube. That made the action much smoother. I suspect the trouble is that the body threads are anodized, while the tail cap's threads are not. A byproduct of all that silicone grease is that some made it's way to the nice, large o-ring that seals the back of the light. It may have swelled, as occasionally, when closing the tail cap, it will catch the o-ring and cause it to bulge out. I suspect the rear o-ring is silicon.
I asked TerraLux about the rear clickie and replacement size of the rear switch cover. Neither are user-replaceable (I think it may be covered by warranty), and the switch cover isn't guaranteed to keep water out. Thus, the light is probably ok in the rain, but don't submerge it.
Hope you find this useful.