Well, I have a UK 2L and just impulse purchased a PT Tec 40 (it was on the shelf saying... try me!).
Initial impression is the waterproofing mechanisms on the UK 2L is MUCH better.
The O rings on the UK 2L are much beefier. The UK has two O rings where the PT only has one.
The web site says the PT is waterproof to 2000 ft. which sounds rather optimistic to say the least.
The PT does look brighter but I can't tell by how much.
The PT has a more narrow and a better beam, of course it is easy to have a good beam when it is super tight.
So far I think the UK 2L is a better light because of it's construction. I'd rather the light stay waterproof and prefer a wider beam. However, the beam quality is better on the PT.
(BTW, the PT has the dimpled reflector)
-john