I just saw these on LightHounds.com, reading thru their feature set they seem identical to the LiteFlux LF2 X accept that this one uses a Rebel instead of an XR-E.
What else does this offer over the LF2 X for about 2x the price?
As you noted the Extreme III has a Rebel 100 led instead of the Cree Q5 in the LF2X. The Extreme III is also a custom hand-made flashlight vs the factory made LF2X, this is where the main price difference comes from. The Extreme III was available a good while before the LF2X came out. The reflector's are also slightly different between the two lights given that they use different leds.