I thought my Target had sold out of this, but I found one hiding on a shelf that had hidden from the markdown stickers. It rang up however at $3.74, so I decided to try it out. Within a couple hours, the black rubbery paint started to flake, so I rubbed the center black part down with a little acetone, and it melted right off in about 20 seconds, so now it's two-tone silver. My emitter has an obvious flaw in the epoxy (a bubble of sorts), and the beam has a lot of artifacts. However, these artifacts are not noticeable in actual use.
Despite these flaws, I like the light. It stands on it's bezel and makes an excellent bedside light for my wife. It looks tasteful while standing on it's bezel, unlike so many other tactical style lights. It reminds me of the Dirt Devil Kone in this respect. The clicky lends itself to bedside duty since I often find twisties annoying when I'm half asleep. I'm confident that the runtime is relatively poor, but that's a non-issue as I plan to feed it the cheap batteries that come with so many electronics these days, or some of my old 5 year old 1800mAh Duracells on a 2-month recharge rotation.
Oh, and the emitter is fully exposed if you remove the bezel, and would be very easy to replace with an old castoff emitter you may have lying around. Also, you can remove the culminating-type lens and turn the light into pure flood, with a perfect beam.
Final verdict, good for the price, and for a beginner mod.