Thanks everybody.
The MD3 is the original version with the optics. I hadn't even realized it had been updated - now I'm going to have to get my hands on a new one
The thing about the WiseLED is, it really does look like a UFO touching down, every time you use it. It's the only flashlight I've seen that isn't just amazing under the right conditions, but has blown me away every time I've turned it on. Also, you can get it for just over $500 if you PM whoever it was who mentioned a 35% discount in his WiseLED 2000 review. It's still a lot, but while I had to save up for this one, I've never regretted buying it.
Also, just a quick word on the WiseLED vs the SR90, if it isn't apparent in the pictures. Although the SR90 is much more focused, it actually puts less than 1400 lumens out the front, while I have several reasons to believe that the WiseLED is really putting 2000 OTF.
Coolhand, just buy a LX2

. I put it off too, but now it's my most used light. As you noted, it's the beam shape that makes it uniquely useful. As important as the perfectly sized spot is the dimming spill, which eliminates tunnel vision and frees up lumens to make the spot even brighter.