Hmmmm, I've had an Avenger on my key ring since they first came out. I have mixed feelings about this little light.
I originally bought it because I'm a fan of highly versatile lights (which is why the NovaTac 120P is my favorite and most used light), and the Avenger promised the option of either being a twisty OR a clicky, with 2 levels and the ability to use pretty much any AAA sized battery.
The reality was that all of this versatility came at a price and many folks had problems with getting the wide variety of AAA cells available to work correctly with the light. For most it required using a set of tweezers to change out a tiny metal post in the clicky tailpiece for a longer one. A tedious and silly thing to have deal with on such an expensive little light.
Mine works fine with either a Duracell alkaline AAA, a Sanyo Eneloop NiMh AAA or an AW 14500 AAA lithium-ion AAA. It's beam profile is almost as nice as my NovaTac's (bright central spot with a smooth gradation into the bright side spill)... and using the lithium-ion cell is just about 75 lumens ....... quite lovely for such a small light.
However, the head is a bit wobbly. Also, I'm using it as a twisty and it doesn't always come on the first time..... I often have to back it off and re-twist it several times (yes, I've cleaned the threads).
So, when it does work it's a brilliant little light, however I don't find it nearly reliable enough to recommend. If I had it to do over again I would opt for the Fenix LOD Q4. I'm VERY interested to see what Fenix has up their sleeves for the newest version and at this point would recommend that you wait a bit to see what they come out with.
BTW, I think the new Mako looks quite interesting also.
Happy hunting!