It certainly appears that the styling was 'inspired by' the JIL-CR2 series, the appearance is very similar to the JIL-CR2 1.3W (or JCR2-HI) version. They even named it the "F&L J1", which seems to be intentionally similar to JIL.
The construction quality and annodizing don't look anywhere near as good as the real JIL-CR2 or JCR2, but what do you expect for $20-30. If that is threading cut into the hole in the tail, it would be an interesting feature (borrowed from the JET-I) that the JIL does not have. However I don't think I'd have much use for the threading and the light isn't as pretty that way, especially due to the quality of the machining.
At that price, it is not going to have the premium McR-18 reflector or UCL lens that the JIL-Lite JCR2 has. They probably aren't using premium bin Luxeon-III LED's either, so you'll probably get the Luxeon (or clone equivalant) lottery for brightness, tint, and Vf. Hopefully the head will be unsealed so the LED can be accessed but it is hard to tell if the top of the bezel/head can be unscrewed like the JIL's can be. It will be interesting to learn more about its regulation.
I would be interested to see a review of this new light, but it is definitely not in the same class as the JIL-Lite JCR2. The JCR2 is a premium light with lots of high end features (McR-18, UCL lens, good tint LED's, very high quality matte gray HA3 annodizing, FLuPIC option) and a collection of available accessories like the JIL-Cab (1AA) and JIL-Bus (2AA) extended bodies that accept Kroll switches.
I am sure we will learn more about the pros and cons of the "F&L J1" once somebody on CPF receives one and reviews it.