I have always liked Maglites, but the truth is that they haven't done a lot of innovation since the 80s and their wonderful products gradually got left behind. They lost the police market years ago to companies like Streamlight, who kept innovating after Mag stopped.
My personal view is that Mag stayed with primary C/D/AA cells too long and that's what really hurt them. The 6 cell lights were pretty bright, and my guess is that's where Mag got their reputation, but you just can't suck enough current out of 2 or 3 regular D-cells to get decent brightness without either overdriving the bulb (short life) or going to LED. I own a bunch of Mags, but I had gradually stopped using them because they just seemed to be dim and yellow all the time. Going to rechargeables or lithiums would have solved the problem, and that's what all of Mag's competitors did.
The MagLED is critical for Mag, more so IMO than even the folks at Mag recognize. Cheap alkalines can deliver a lot of energy if the current draw is low, but even at 1A you are getting a lot less capacity from the cell than you could at a lower current. I'm not claiming the lack of heatsinking on the MagLED was "brilliant", but the result is really good for Mag. Current draw seems to stabilize around .4A on a 2 cell and even lower on a 3 or 4 cell, which is getting into the territory where cheap alkalines can deliver some decent capacity. A stock Mag 2D incandescent is not a great light to use IMO, but the 2D MagLED is quite satisfying and I'll probably move the module to a 2C and be just as happy with that.
Mag needs to drop the BS marketing and product materials and start promoting their products properly again. I can read the packaging on MagLED lights a dozen times and not get the important message -- hey folks, the 2D MagLED is TWICE AS BRIGHT as the regular 2D Mag and runs FIVE TIMES AS LONG, and THE BEAM IS REALLY GOOD at least focused to a tight spot.
Right now Mag just seems to be dropping the products that don't sell, rather than figuring out why they don't sell and fixing them. At this rate in a couple of years they'll be down to 2D and 3D MagLEDs and maybe some MiniMags if the length doesn't turn people off.
What Mag needs to do IMO :
1. Clear messaging on the MagLEDs, make it clear that this is a HUGE improvement over the incandescents and be specific about how & why. Forget the Robb Report blurb, you sell in Home Depot.
2. Get some mileage out of the Magcharger -- it's a GREAT light but too hard to find and comes with more stuff than most people need. It's been around for over 20 years, which my SF-wielding friends find hard to believe. Even if Mag doesn't sell tons of MCs the public needs to think "Magcharger performance" when they think about Maglites, not "sickly yellow beam but makes a good club"
3. Do a bit of R&D for a change. Either frost the bulbs (iffy in volume) or texture the back half of the reflectors to fix the beam up a bit. The reflectors are moulded plastic so the impact on production cost should be negligible.
4. Do something with lithium cells if only to level the playing field. I don't know if Mag can get back into the police & military business now but at minimum they should commercialize the 2C-to-3x123 mod with a 6 cell xenon bulb.
5. Make sure the big lights are worth buying. The 4, 5 and 6 cells should ship with MagnumStar bulbs otherwise they aren't even worth carrying IMO. The 4 cell is in an awkward position -- a bit too small to get good light out of primary alkalines, but a bit too big to be worth pushing as a LED product unless 50 hour runtime is important.