IIRC, there's a V2 version of the Tac Torch which uses 5mm LED's, and the V3, which uses a 1W luxeon - the Costco version is the V3, and at $29, it's a pretty good deal for a lux light.
I got one on a whim, and have to say I was amazed by the quality of the light - great mix of spot and flood, producing a near-ideal beam for real world use, IMHO. Also batteries that can be had most places, decent runtime, in a very nice form factor.
I was shocked at how much I liked this little light - though the build quality is suspect, it's a great answer to the 'I need a decent light to loan/give/abuse/travel with/etc., that's good enough to live with, but not too expensive to give/lose/whatever.'
V2 version is pretty lame, IMHO...