LEDmodMan,
Yes, they are going to replace it under warranty (lifetime warranty!) and yes they are still being produced and will be able to send a replacement right away.
He just sent a follow-up email, I don't think he understood the exact problem until I talked to him earlier this afternoon. Anyway, he too wondered if it was a bad batch of solder (or something to that effect) and reiterated that they haven't received any complaints like this before.
So, all is well in Surge-ville again (at least for me).
If any of you have had similar problems I'd highly recommend that you call PT and talk to them about it. I think I've seen three or four of these problems posted here on CPF, if there are others, please tell them!
Jon
PS - As an aside, I also asked if they were planning on any Luxeon-based lights in the near future. /ubbthreads/images/graemlins/smile.gif Can't wait to see what he says.