My LS second kit arrived today. Serial# 113, old style optics. The 2AA pack and lower part of the head are a dark grey color with a few random small dings through to the aluminium. The front ring on the head, the 1AA pack and the 123 pack are a much lighter grey. The color combo looks OK though. The beam, yellowish white, is slightly off center, but no more than the beam of any other average flashlights is.
In a head to head test, 2 fresh AA alkalines each, against a 2AA Mini-Mag equipped with a Max-star lamp, the Mini-Mag won by a hair, mostly in the "can focus down to a spot and still be usefull on an object over 50' away" catagory. The test was repeated with batteries drained to 1.2V and the results were impressive. The Mini-Mag was dim and barely useable at any distance. The ARC, while noticably dimmer, was still very bright, maybe 70% of what it was with the fresh cells. I even left the 1.2V cells in the LS as it is still more than bright enough to work by.
The ARC LS is brighter than any of my Mini-Mag mods including the one using a luxeon. Ignoring the power regulation and beam quality issues, I suppose you could say that I've spent a bunch of money to finally get a flashlight that is about as bright as the $15 Mini-Mag/NexStar flashlight that was my EDC, but I'm happy and my curiosity is sufficiently satisfied that I can wait for the ARC LS first that has been on back-order for such a long while.