Thanks for this review, and also damn you for making me doubt my earlier established plans
I was all set of buying the Sunwayman V11R + M20A as a nice CR123 + 2xAA duo where I could exchange heads for versatility purposes. Now I see that an alternative can be the Niteye Eye10 (XM-L) + Eye12 (XP-G), which is pretty much the same, but with (probably) the same head on the Eye12 and Eye10.
However, the Eye12 looks very, very good for a 2xAA. Only advantage of the SWM would be a better build and longer battery life (SWM M20A seems to have an amazingly long running med-mode).
Unfortunately I haven't been able to find a single review of the Niteye Eye12, and surprisingly little info on the Eye10, except for this review...