The H501w is something really special, imo. Nothing else is quite like it. Pure smooth flood with no hot spot and with a great tint and very compact size. It must be one of, if not the, smallest single AA light ever made. There is also a great convenience in the fact that it runs on a single AA. It's so much more than a headlamp. It's so versatile, I hardly ever use mine as a headlamp, but I can stand it on something, stick it to something with magnets, or clip it to my pocket, shirt, or hat for hands free use. I haven't used that particular PT model, but for close up work indoors (up to about 10-20 feet or so) imo you can't do better than the H501w.
Only negatives, imo, are that it is not optimized to take advantage of 14500's (li-ion rechargeable AA's), and the runtime on high isn't that great. (But it's super easy to carry a few extra batteries for it.) And I have found mine needs to be locked out with an easy tiny fraction of a turn of the battery cap to keep it from self activating in a bag or pocket. And of course, it doesn't throw, but it's not designed to and that's the price for such nice pure and smooth flood.