Mine sits in its original velcro flapped holster in my work bag as a backup. I always EDC a L0P-SE on my keys and either my U60GT or modded Arc LS w/CR2. I don't know if I'm in the minority, but I really liked the original matte HA used on that L1P from the original massive group buy by 4sevens. I later bought a L2P w/extra L1P body and never really liked the more greenish tint, the shinier HA, and the non-flapped case (personal preference on the case).
I agree with onthebeam, it was an awesome light at the time it came out. I think the only other 1AA Lux I production light at the time (excluding custom mods on Arc AAs, etc) was the limited production TnC keylux I think it was called. Those were fetching over $100US each, IF you could find one on BST. The fit & finish of the TnC was in a different class, but it was definitely not cheap. And for those of us with smaller wallets, the L1P was the poor man's (relatively) keylux.
I still haven't modded mine yet because I can't unscrew the light engine easily like my L2P. Once it gets some quality time with my heat gun and strap wrenches, I'm going to put a nice SSC P4 in it.