My 120P is in to Novatac for service right now with a similar flakey switch issue.
When I called to request an RMA number the rep did suggest trying to tighten the switch retainer ring. Using a makeshift spanner, it did not appear to move but did work much better for a few days before starting to miss clicks again. Perhaps the pressure I put on the retainer attempting to tighten it temporarily produced better contact...
Strangely, during my initial troubleshooting I discovered the problem seemed much worse when the spring was flipped in one direction versus the other. Since it wasn't clear exactly what was going on they eventually requested I send the whole light in.
Even if it works perfectly when it is returned, it is going to be hard to feel comfortable replacing my Peak Caribbean with the 120P as my primary EDC... I'll probably keep it, as it is a really cool little light, but my gut feeling is that it has just a few too many single points of failure. But I'm trying to reserve judgment as much as I can, as I'd love to have the flexibility a light like it provides.