I just picked one of these lights up today.
My Princeton Tec FUEL broke last night. I went to stock up on some batteries and chewing gum like usual, but I ended up getting this light also ($30).
I really liked the pouch and the batteries that were included. I don't think this light is regulated, but I really wish it were, and I wish there were multiple settings besides the "145" lumen output. I personally like the AAA usage, as I stocked up on these for my PT headlamp, and these aren't hard to find like those CR123 and coincells. The pouch is a good bonus too. Somehow I'll feel less geeky carrying a leatherman accessory.
This is actually my first light ever, besides that POS PT headlamp I got as a gift. I hope it suits me. I'm looking at probably getting an Arc AAA in May when I get paid. It's almost dark. Time to do some exploring. Bye-bye plastic PT Headlamp, hello Stainless Steel!