I've owned 5 Fenixes at this point and all but one has/had the HAIII coating. My impression is it certainly isn't as tough as the HAIII of ARC or Surefire, but then, you aren't paying the premium to get that coating with the Fenix. The fact that it has HAIII at all is a plus in my book. Honestly, it's not
that bad. It's sort of a double edged sword for Fenix though... they have the HAIII and glass lens (AR-coated in the case of the Premium models), but even if it didn't even have the HAIII coating, I think folks would still be jumping all over them.
I do have a silver Fenix L1 (not premium) and it's nice, but I traded it for a Vital Gear body that I could actually use. I personally wouldn't have any interested in red or blue or orange anodized Fenix lights, but I'd prefer a natural greenish-brown color to the HAIII than the supplied black. Many CPFers will no doubt agree but I'm sure on a general flashlight owner basis worldwide, I'm sure the preference would be for black.
Here's a pic of the silver in case you hadn't seen one: