I have the OEM version of the AA made by Jetbeam. Quite solid and of decent quality. I wouldn't pay full Elzetta prices on it just for the branding, but as a freebie it's a solid deal.
So, it arrived, and you are 100% correct in your assessment.
It's of decent quality, but there is no way I'd pay the full price ($40) for this. It's nice enough, but $40 is close enough to a Peak Eiger, I'd just get that...or, find a Surefire Titan on sale...if I wanted Elzetta quality.
Oddest of all is the USB 1.5v Li-ion battery. It's MICRO USB (not -C), and so it has a really low capacity (1000 mAh), so the runtimes compared to an eneloop are about half...I guess this is to get USB "ease of recharge" (Assuming you still have an micro-USB laying around or with you).
Overall, the G-EDC-AA is fairly disappointing. It's VERY light weigh, and it's made well enough (It's mid-to-high tier Chinese quality...but clearly Chinese). The head rotates smoothly (maybe too smoothly), but it has a very ugly cool white emitter, and the beam pattern is almost entirely a hotspot with limited spill. Mode selection is easy enough, but it has mode memory (usually), so it's a bit confusing to cycle modes - USUALLY, it has mode memory, but sometimes not. I think, overall, I prefer memory, though.
And, for what it's worth, there's a slight looseness of an Eneloop when it's inside (single spring).
I'm glad I got it for free. The Alpha I got with it (high/low tailcap and flood) is absolutely amazing, and I love it as much as my click spot Alpha.