After an hour long (almost) conversation with John, the president of Ledcorp, I can tell you guys some more stuff.
The $49.99 price included free 2nd day air shipping. The new $39.99 price does not include shipping, which is $5...so you save $5.
NONE of these bulbs is overdriven. In fact, they are individually tested (since there seems to be a big variance in LS bulbs) and appropriately fitted for 2, 3, and 4 cell configurations. Small resistors are put in to be safe (the 2 cell actually has a fuse built in to prevent blowing the bulb out if a user puts it in a 4 cell, etc.). These bulbs are warranted for quite some time, so no user should have any reliability concerns.
Ledcorp is planning on an all metal flashlight with a slightly overdriven LS...but extremely well heat sinked...(and other safety features)...soon.
I'm seriously considering buying one of these bulbs....even using a 3 cell bulb with 4 nimh cells is okay...(will run slightly brighter than a 4 cell bulb w/ 4 cells).
BTW, the turtle light I look-alikes at Walmart are made in China (worse quality) but Ledcorp receives a royalty for each one sold (their design, etc.) Manufacturers are also considering buying this LS led for use in a metal flashlight....sounds like the LS led's will be coming to the masses soon! (By masses, I don't mean us, I mean the general public...)
Hope all this info was helpful...