does the LF2X have ONLY 2 modes??
Yes this light can be a bit confusing at first. I don't think LiteFlux did a very good job with their description OR their manual, however, it's not really all that hard.
It has 9 operational modes. These are accessed by twisting the head a quarter of a turn back and forth quickly a certain number of times. You enter mode 1 from any other mode by twisting back and forth once (1x). You enter mode 2 by twisting back and forth twice (2x) and so forth.
Mode 1 (the default mode) is what you will use most of the time. It has 2 levels. They can be individually adjusted anywhere from 2% to 100%. This is done by entering the program mode (mode 6) which is a bit complicated, but doable. When you get your light it is preset so that the first level (called P1) is set to 15% and the second level (P2) is set to 50%. These are excellent and where I currently have my light set.
Mode 2 is the user adjustable mode and has one light level. You can access this mode easily by quickly twisting back and forth twice. The nice thing about this mode is that it is very easy to enter and then adjust the light level up or down, unlike mode 1 which requires you to enter programming mode (mode 6) to change the light levels. I have mode 2 set for the lowest level, 2%.
Mode 3 is beacon mode, giving you the choice of 2 fully adjustable beacon flashes. You can adjust both the light level, and the frequency of the flashes. You do this by enter the program mode (mode 6).
Mode 4 is the SOS mode. This also gives you 2 fully adjustable SOS signals.
Mode 5 is battery voltage check mode. You enter this mode by quickly twisting back and forth 5 times. The light then checks the battery voltage and blinks it's results. For instance it would blink 3 times and then pause, and then blink 8 more times for 3.8 volts (if you are using a 10440 lithium-ion cell)....... or it would blink 1 time and then pause, and then blink 3 more times for 1.3 volts if you were using an alkaline battery.
Mode 6 is the programmable mode. This is the most complicated mode, and requires that you sit down with the flow chart to set things, but once you understand it...... it's makes a lot of sense and it allows you to really adjust many parameters of the light to exactly how you want them. You probably only need to enter this mode once or twice, get it set, then forget it.
Mode 7 is the demo mode. This is normally the mode that the light comes in. It's designed to show all the neat things the light does. When you get tired of it, simply twist the light back and forth once (1x) and the light will go into mode 1, the general purpose mode.
Mode 8 allows you to turn the low voltage warning on or off. The default is off.... so if you are going to use a lithium-ion cell, you want to go into mode 8 and turn the low voltage warning ON.
There is no mode 9.
Mode 10 is used to return the light all factory default settings. This is great for when you first get the light and want to play around with everything (it really IS fun), but you might get lost..... so simply twist back and forth 10 times.... the light will blink off and then back on, I think back in demo mode.
If you decide to get this light, you should download the PDF manual so that you can become familiar with it BEFORE your light arrives, that way you can be up and running quickly.
But don't let this complexity fool you. The light is incredibly simple to operate right out of the box. Most of the time you will never need to enter any of the other modes. Leave it in mode one, and you will have 2 nicely placed light levels. Turn the bezel a bit for level 1 and a bit more for level 2. That's it.
Here are a couple of videos that show how easy it is to operate:
1. This shows a few operations. It is the older Liteflux LF2 and some of the stobes, beacons, etc. are a bit different on the newer LFX2 but the operation is the same. it simply attaches (a nice upgrade):
http://www.youtube.com/watch?v=kor7tVHj3zo
2. This video shows how to program the LF2 using presses instead of switching back and forth quickly, something not discussed very much, but quite neat. It involves setting the light to the P2 position and then holding the front barrel of the light with two fingers while quickly pressing the rear of the light forward. It doesn't move very much, but just enough to accomplish what it needs to do:
http://www.youtube.com/watch?v=HE9r75bQgv8
This little jewel of a light isn't for everybody, but if you like maximum flexibility from your lights and don't mind spending a bit of time playing with your light to learn how it operates, then the reward is a light that you can setup exactly the way YOU want it.
). I will spend a lot of timedeciding which one I like more.. it is going to be an hard decision 
