Received my black P1 yesterday and so far I really like it. For some reason I was thinking that it did not have memory and would always come on in low mode on setting 4, but it does have memory. Zero noise coming from mine on any mode and the clicky feels excellent. All around feels really well built and the clip and grooves in the body look and feel great. Very happy with the purchase.
I just got mine and it too has mode memory. Mine must be defective in a good way! Now I can run mode two in low/high.