Hmmm. I've owned both, but returned the Tec 40 (damaged my NiMHs and then wouldn't work reliably). Seems like from what I remember, the two lights are "similar" total output.
I like the Rage for being a really compact little light that can be carried in a pocket (or ladies purse) very, very easily that will put out a really bright light when needed.
I like to carry my PT Attitude (on NiMH) as my primary light (bright enough for just about every need) and the Rage in a pocket, just in case I need a burst of really bright light). The fact that both lights share the same battery size, body and light module size is just a real bonus!
What I'd really like is a lamp module for the Rage that would put out a laser like spot like the Stealthlite 'cause the Attitude already does a nice job of putting out a flood-style light for close work.
"The best flashlight is the one that you will have with you when you need it!"