I caved with a guy using one of these lights this weekend. The 7 led's provide more than enough light to make travel thru a cave safe and easy. The spot is fairly bright, but is not easily focusable. He said that you can adjust the beam by taking it apart and moving the bulb (?). His was using the NiCd battery. We were underground for a total of 8.5 hours and his light never dimmed. He used the leds probably 98 percent of the time.
The head cradle, the part that attaches the light's head to the elastic straps is very cheesy. All plastic, very cheap looking, like an afterthought. He junked it and mounted it directly to his helmet. The battery pack is also not thought out as well as it could be, design wise.
However, overall durability, light output, and battery life seem excellent. It's easy to justify the $200 price tag for a primary light source with both leds and spot.
BTW, I used a little 2 AA head light that I modified with a LS. It worked great. As bright as the 7 leds with fresh batteries, but quickly dropped off, but still enough light to cave with. I need to look into putting one of those boards that regulates the output over the life of the battery, can't remember what they are called right now.