Gordov, I just got the same light a few weeks ago. While it is a very nice light, I guess I just expected more output. I'm using the HOLA and it is bright but when I shined it into a car parked in front of my house the other night, I was expecting a little more light. My first thought was to either get a brighter light or start messing with the M3. I had to sit back and really think about what I wanted to use the light for, which is mainly indoors as a back-up to a weapon mounted light (2 is 1, 1 is none) and not necessarily as an outdoor thrower. Therefore, it already fits my needs and I don't think I'll be modifying it, although I am going to throw new batteries in it and see if that makes a difference. When I did shine it, I was able to light up the front seat of the car, which was about 10-15m away, I guess I just thought 225 lumens would REALLY light it up a lot. Again, maybe low batteries are having an affect. Anyway, my point is, what are you going to use it for? You've thrown a few possible mods out for suggestions, but it really boils down to the expected use. If you are going to use it everyday, then rechargeability is the answer, if you want longer run-times, then LED may be the answer, if you want brightness, then a HOLA incan, etc.
For me, I want brightness, don't care (that much) about run-time, and I won't be using it everyday, or even every month (except I have been since it is my new toy) so I'm sticking with the "stock" HOLA set-up with 123s. Now I'm looking at possible mods to my maglight for that "daylight in a tube" effect. I may also consider "playing around" with my new G3 and throwing an extender and a turbo head, but the G3 is also about 25% of the cost of the M3 and will not likely be used in a life-and-death situation like the M3 might be called upon to, therefore I won't mind messing with it a little.
