Ok, was able to get a few minutes to play with it so here are some pics and my impressions. The light was purchased at REI for the princely sum of $10.
First, the packaging:
Size comparison with some other coin cell lights, a Photon Freedom Micro (L) and a CountyComm ARES SO-LED (R):
Size comparison with a AAA battery and a Fenix E01:
Size comparison with a cord lock I had lying around:
The LED side of the cord lock:
With the battery cap removed. There is no o-ring or threads so this little light might be water-resistant as the packaging claims but it is definitely not water proof:
With the batteries removed, so you can see the contacts:
Switching on the light is done via the rubber covered push button on the side of the cord lock. Switch sequence is off -> low -> high -> blink -> off -> lather -> rinse -> repeat -> . . .
On low, compared to my Fenix E01:
On high, compared to my Fenix E01:
You can clearly see a ring between the hotspot and spill, and part of the spill is blocked by the body of the cord lock. The difference between the low and high is perceptible but negligibly so. I wish the low was lower than it currently is.
The LiteFlux LF3 XT's low mode (right) is lower than this little cord lock light:
Same with my NiteCore D10 (right), the low mode is lower than the low for this cord lock light:
I would consider it a decent backup light. It is small enough to be unnoticeable until you need it and the cord lock form factor allows it to be clipped to bags, backpacks, jackets, etc. where it would stay out of your way until you need it. It is small enough and light enough that you would never notice it was there.
Having a low and high mode is nice, though I wish the low mode was lower than it currently is. Also wish the battery compartment was more secure from water. As it is, I am fairly certain it would not be water proof and I am not sure how well it would survive rainy weather. It probably would not survive a dunking. This is all just my guess, though. I do not feel like repeating my Fenix E01 test, where I left my E01 sitting inside a glass of water for 20+ hours, on this little cord lock light since I have minimal confidence it would make it through even a few minutes submerged.
IMHO this light is clearly designed for the camper, jogger, cyclist, hiker and is marketed towards that crowd. The yellow body is designed to be easily visible and the fact that it is a cord lock makes it perfect as a backup light to be attached to something like a sleeping bag, back pack or jacket where it remains out of the way until needed. The blinking mode is great for enhancing visibility / advertising your presence to others and both low and high modes are usable for navigating outdoors in the dark.
Overall, it is a decent light that would work ok for its intended target audience (my main concern would be the water resistance, especially for something designed for outdoor use). I personally thought it was a decent buy at $10 for a backup light that can get me home if I were outdoors and my main light died.