From what I'd read on CPF, the EDC-120 may have been the first flashlight Novatac produced. And based on the frequency of reported problems with the programming, I wouldn't be surprised if Novatac improved the circuitry and then stepped the light up to the next price level. The lights you see discounted are likely from the earlier production runs. Novatac does fill a niche and given their small company size, the price appears reasonable... as to whether it is market competitive, that is another story. I've no idea how well they've been selling the EDC-120.
Anyway, this doesn't make an EDC-120 a bad apple being from an earlier production run. From what I've heard, Novatac has been very good about dealing with any problems--they do get resolved. Who knows--if there indeed have been hardware improvements, maybe they'll swap the circuitry on an older model turned in with problems to bypass future issues--limited lifetime warranty, you know.