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Where the PD reigns king for me is in the LunaSol series. The low level flood is always available without any need or real chance of blasting on or through the high level. I often use the LunaSol twisted on into low and having quick momentary access of high is just real nice and useful.
Although many of us will use the PD activation for rather long momentary bursts, it does require a significant amount of force and for many, this is a problem. It really is a momentary mode and the duration of the moment is dictated by the user and their comfort/ strength level. The twist mode on the otherhand can be of any duration required and this includes what some might consider momentary.
Ultimately, I think both C and PD have their place and advantages. :shrug:
I'll certainly agree that they both have their advantages and disadvantages.
As for the piston/momentary, twist/latched combo, my only issue with it is that you have to change grip to go from one to the other. I'm often using the momentary when I decide/realize that I'll need the light on for a bit longer than initially thought. The forward clicky gives the option of going easily from momentary to latched, but at the expense of the extra level.
There have beens software solutions to each of these issues, but often resulting in other trade offs that for me at least, usually end up less desirable than the problem they're solving. (example: momentary contact switches end up with converters that have a small battery draw even when off.)
Once you get into 3+ levels, software control is the clear winner, but personally I rarely ever find the need for more than 2 levels.
So the answer to the original question is that it depends on the light. As Don mentions, for a LunaSol light PD is a clear winner. I rarely use the low on my (ti) Mule, so a clicky is a good solution there (Aleph one-stage style).
For the less specialized circumstances, (i.e. standard one-led reflectored light) it's less cut-n-dry. I haven't got my hands on a McLux-III c-pak yet, but I suspect there's a slight advantage for it in these circumstances. That is, momentary or latched from the clicky end, multiple levels from the twisty end. The possible disadvantage there is that the two methods could conflict with each other, depending on how you use it. I'll guess I'll have to try it to see if it works for me or not.
So... umm... "all of the above". :nana: