I just took a current reading, and at full blast, it sucks down only 48mA. Meaning, its LEDs are underdriven. Good, because they'll outlast the flashlight and probably the user, but bad because it's not very bright. It's slightly brigther than an Arc-LE, but has a smoother, wider beam.
The light can be set to "on", "blink", and "off". The switch is digitally manipulated, and produces a light audible click along with a a tactile response. Press once for full on, press again for a 3.5Hz to 4.0Hz blink, and press again for off. The switch rubber is tiny, and is countersunk into a recess in the barrrel. I tried to remove the rubber with a fingernail with a sense of purpose but was unsuccessful. A more concerted effort would probably succeed. So it might actually stay on better than the switch rubbers in some of the LED-LENSER products. No spare rubber was found in the tailpiece.
The finish is a very thin black paint, which can be removed with moderate effort using a key. Probably a baked enamel of some form, rather than just ordinary paint. If regular paint were that thin, you could probably get it off with a fingernail. There is no knurling or texture of any sort; and the finish is very smooth and slippery. A fold-out ring is present on the tailpiece.
The LEDs are inset in individual cells in a small reflector and protected by a plastic window. The head does not come off, so if the window becomes fogged or ruined, you'll probably have to gouge it out with a knife and go without.
There's a thin O ring on the tail, but the light failed a mild suction test. You can use it as a straw in an emergency.
Pictures as time permits.