I picked one up from lifestylefascination.com a few months back for $60 when it got mentioned here. It appears to be regulated (no perceptable brightness drop-off so far) and not green at all. It does run hot, I think the instructions even said something about turning it off after 10 minutes to cool. It is significantly brighter than either of my ElektroLumens FT-3Cs on fresh nimh's (unregulated LuxIII on 3 c-cells for those not immediately familiar with the specs). I think the manual also specified a two hour runtime on fresh cr123's. I haven't run my down yet.
It does use a star rather than a bare emitter, I opened it up with an idle thought to checking the bin code, and maybe upgrading to a W. But I gave up pretty quick, the star is embedded in its own cavity covered by a piece of metal with a much smaller hole, about as big as the hole in the reflector that you can see in the picture in the ebay auction. The cover is very firmly attached, perhaps welded/soldered in place. If anyone else has figured out how to get the star out of that cavity without permanently damaging anything, please post.
Right now, this light is my favorite light. Much lighter than the FT-3C, about the same throw with more side-spill/fill and almost, but not quite pocketable. Easily suitable for a woman's purse, being so light. I have definitely run it longer than 10 minutes at a time, but probably not more than 20 minutes. I think I will pick up a few more from the ebay auction as gifts (boy is that a sentence you won't see anywhere else but here).