From 4Sevens' website:
"Warranty
No Hassle Lifetime Guarantee
Batteries will deplete, switches will wear out, electronics will burn out, rubber boots and O-rings will age. Everything else is covered by our lifetime no-hassle guarantee: if it breaks, we fix it!"
So basically, only the case, lens and reflector seem to be covered. At least by my reading. The things that are most likely to wear out or fry themselves - the switch and electronics - are specifically excluded. At least how this is worded.
I'll still probably get one, though.