I grabbed a Pelican M1 off the Sierra Trading Post site a while ago for $19.99 and I couldn't be happier with the value at that price. They are, however, long-gone from that clearance sale. This is the old-style M1, with side mount switch. I have no complaint with the beam but I should mention that I am not a white-wall hunter. The OP reflector gives what I consider a really nice usable beam pattern with a good hotspot and a nice smooth transition to sidespill. The driver gives good regulation for about 2:30. I have since swapped in a Cree with excellent results. It was a straightforward swap (once I got the batwing LuxI off the star, that is) with no need to mod the reflector. The famous ringiness in the Cree pattern is handled very effectively by the OP reflector. I also like the included holster, which has a stiffening rib to hold its shape. This has a fringe benefit of making it very hard to actuate the clicky while in the holster, and, the provision for a spare battery in the holster is a nice touch.
Overall, it's kind of large for a 1xCR123A light, and in my opinion too large to EDC in the pants pocket (that's what the P1D-CE is for) but on the upside it's large enough to notice in your hand where the P1D-CE kind of disappears. I like it enough that it's always with me in my briefcase/pack. Despite how much I like the holster I am not a holster-wearing kind of guy, but, it lashes handily to the outside of my pack. Anodize is type-II. Switch is reverse-clicky.