Yes, and in my opinion except for its sleekness it is not a good buy. The Streamlight 4AA runs about as long and is brighter...but bigger.
If you're going to spend $50 on a 2-123 light, spend $70 for an Arc sLS and get a 1-123 light that is brighter and lasts longer at full brightness...about 2x as bright!
HOWEVER, we all love the right light running off 123s which can be had for less than $2 each on eBay and less than $3 each on the Web--good ones, too! I've paid as little as $1 each on eBay.
Cheers,
Richard