It looks rather like the light that's been on sale for a year or so at:
http://www.ledcavinglamp.co.uk/
It seems to have had favourable reviews from testers/users on UKcaving. I haven't heard any complaints about units failing, but I don't know how many are actually being sold.
Doing a beam comparison with one of my home-made lights in their previous (1W Luxeon) incarnation, the main beam had a similar tight spot beam, (something like 6-8 degrees full angle with a fairly sharp fall-off), and equivalent brightness. However, the links indicate that the 'new' version of the light has a higher-power LED in, though it still looks like it might be running at a single power.
I seem to remember some people reckoning that mounting the battery pack upside down on a belt results in it twisting less - other larger waist-mounted battery packs tend to be heavy, and so don't get moved around as much by the cable as this light seems to. I haven't worn one of these lights, so I couldn't add much there.
Being unable to swap batteries means it's a no-no for expedition or extended (camping?) trips.
I can understand that if the overwhelmingly main market is actual miners, belt mount is better for that situation, but a not-infrequent opinion seemed to be that a head-mounted battery version would do rather better for cavers.
Personally, having helped many people move from waist-mount systems to head-mount, many have commented how much better head-mount is, and I'm not sure any have said they'd prefer to use a waist pack.