I posted about the Arc AA coming out. I'm not sure what the calendar has in store for us regarding this light. Originally, Peter Gransee stated the light would be out around Christmas, 2005. Obviously, that didn't happen and it seems that the production delays with just the AAA lights are keeping him from rolling out new products, although I'm sure he's got some excellent designs in the works. Hopefully, the updated Arc AA will still become a reality.
That said, as I stated in the X1 thread, the new X1 is here now, and it definitely gives all other 5mm single AA lights a run for their money. First off, it uses the same LED (Nichia CS, same as the AAA-P) the Arc AA would have been using, so it is quite bright for a single 5mm light- my guess is around 7-9 lumens.
Second, the build quality is, shall we say, "more refined" than the competing Gerber line or even the Fenix- I'd venture to say that even though the Inova is longer, it is more or less on par with Arc and Peak offerings. The finish is beautiful (especially the "titanium" IMO) and there are the usual Inova niceties like a stainless steel bezel and real glass protecting the LED. The only "weak" point could be the momentary switch, which could theoretically be a source for water intake, but it is nice to have momentary as an option as opposed to twist only.
Given that you get all this in a $20 package that you can get from any number of Target stores around the country, as opposed to paying 50+ and having a product shipped to you (or waiting for a product that doesn't exist yet), there is good reason the new X1 is garnering some attention. I am familiar with some of Inova's "Mag-like" legal practices, and I do prefer to support dedicated smaller companies like Peak and Arc, but I am certainly impressed with what is being offered for the price.
I'd say if you were going to try to get an X1 online to save a few bucks, you better make sure you are getting the new reflectored version as its usability is leauges beyond the older version. As the product codes are the same for both versions, I'd consider just going into a store and spending the extra $5 to make sure you are getting what you are looking for.