The light showed up today, and I'm pretty pleased with it. It's about a 4 1/3" black aluminum clyinder, with about 1 1/8" diameter. Push button operation. Seems to have been some effort to make it water resistant; there's a rubber O-ring at the front end and a removeable rubber cap at the back end (the push button works fine with the cap in place).
Contrary to some of the earlier reports I read, the light is only very slightly blue, and noticeably less blue than my other 3 LED lights. Up close, it's almost yellow.
The light itself is quite bright. It's brighter than either a SL 4AA or a SL 3C toward the center area, and a little more tightly "focused" so it doesn't light up a whole room quite as well. So there's actually some "throw" in a package half the size of the SL 4AA. Seems pretty solid, almost no battery rattle.
According to the eBay add, it's only rated for 2-3 hours of continuous use (and 100 hours of intermittent use). I'm not quite sure how or where that line gets drawn, but maybe that's a potential downside.