I guess Feb. 14th is St. Pelican Day - I just got my L1 today, as well. I would concur with Dano that it's a nice little light. It's very slightly brighter than a brand-new (narrow beam) white Photon II, perhaps due to its reflector, which throws a bit more light forward.
It's somewhat close to the CMG Infinity in size - slighly wider around the back of the head, and wider on one side due to the clip. But it's about half an inch shorter and MUCH lighter. Like the photon II, the L1 is also significantly brighter than the CMG.
It's not as bright as a PAL light, though it has a more pleasant beam (since I put the reflector back in my PAL). If I compare it to my "Eternalight-meter", it fits between brightness levels 3 and 4 (if we call the brightest setting 1).
This should be a pretty cheap flashlight to run.
I snooped around the web and found LR44 batteries for about $0.40 ea. in packs of 10. So, if I can refill an L1 for $1.60 and get the nominal 100 hours out of a set, then this light is costing only 1.6 cents an hour to run - still more than the infinity, but way less than the photon, and close enough to free that I wouldn't worry about it much. (f we work the math on a Photon: if it costs me $3.00 to refill a photon light with two CR2016's from Fry's, and it runs for 12 hours, that's about 25 cents an hour).
The rubber-covered switch in the tailcap is pretty easy for momentary lighting, but takes a fair amount of pressure to click into constant-on mode. Accidental turn-ons should be unlikely.
All in all, I like it a lot.
-- Jamie