I had one that was given away as a Xmas present. It was a blem model cuz of some mottled finish. It was the only Lux V light I've owned but I was very impressed with it, brightest light I've seen, lit up a room very well. It did get very warm if left on for a long time but I think that's inherent with every LuxV. Quality was top notch, precise machining and a crisp, solid switch.
I would have kept it but I find myself more attracted to compact lights.
If you search on HyperLuxV you will find my comments on it.
In short, I like it a lot. I don't have an L5, so I can not comment on that.
When I am fooling around the house, I run 2 X R-CR123's in it with a longer tail spring. It works quite well, but the run time is reduced. Around the house I don't care. Please note that it is not recommended to run unprotected rechargeable 123's in multi cell lights.
The head gets hot during extended runs inside, but outside I have not noticed that as much. I have used it kayaking and can say that it is extremely water resistant.