I have neither also, but the only one I really considered was the NS for the following reasons:
1. It's aesthetically more appealing to me. I'm not a huge fan of lights that just look like lipstick cases or lipstick cases with knurling. I want my lights to have machining and design that make it a bit more distinctive from a lipstick.
2. As NEL mentioned, the material is reportedly tougher and more scratch resistant.
3. 2-stage is standard. Not really a biggy...
4. Is water resistant with o-rings whereas the Raw has no o-rings at all.
The reason I'm not getting one is the need for a hard-to-find battery and it ONLY runs on rechargables. LiIons are great for daily use, but if power goes out, once that charge is gone, it won't work. I like lights that work on both primaries and rechargables.
Orb stated that the newer versions will not have the internal SMD resistor that is limiting the current in the current/previous version of the NS, so the new ones should be brigther (at the sacrifice of shorter runtimes on high). So the output diff between the Raw and NS should be less with the new ones.
HTH.
NotEnoughLight - how do you attach a keyring to the NS?