Yes the MD2 with the Malkoff module of your choice is well worth the money. If we compare the MD2 with the 2 stage ring and the original M60, you get more lumens than the Surefire E2DL (not as bright as a hot spot, more total light in the complete beam pattern, fact) you get 2 modes like the E2DL, but better and at less cost. Its about $120.00 for the complete MD2 versus $150 for the E2DL. The MD2 has the better switching mode. you don't have to cycle the on/off switch to get the mode you want, turn the separate ring. Which means as a tactical light, if you want to flash it on and off at full power every time you touch the button that's what you get. With the E2DL if you cycle it too fast, then every other time you get low mode. Truth is at any turn on you have a 50/50 chance of getting the mode you wanted. Not so with the MD2, That selector ring is not going to turn itself. If you set it to low it stays at low and vice versa.
The other beautiful thing is the Malkoff will take the higher voltage rechargeables by design with no risk of over driving the circuity and possibly ruining your light. So if you like running AW RCR123's instead of primary because you top them off everyday, then you can do that worry free, its designed to take up to 9V and I have tested them over 10V with no problem. They are in full regulation.
With the higher voltage from the AW RCR123's you get full power at turn on bumping very close to 240 lumens out the front (see page 2) and about 18 lumens in low mode. This is an advantage over the E2DL and I am not saying there is anything wrong with th E2DL. The MD2 doesn't have crenellations which most of us don't want, so it won't tear up your pocket. It is a very handy light.
And mine of course just happens to be danged beautious as well. So my E2DL will be up for sale even though its a measured 210 lumen output screamer.
And of course once you have the host, you can by other modules to play with and drop them in and have fun. Like the M60 Flood or warm or warm flood or .......
G.