I don't own one, but from what I've heard, the E1E is a good light and just about everyone who owns one likes it. It's not the brightest incandescent out there by any means, but people say that it puts out an ample amount of light for most tasks, and the quality of light is very good. The beam is nice and smooth with an even transition from hotspot to spill (like just about every other Surefire incandescent).
Durability I'd assume is just as good as any other Surefire light. Get Type III HA if you want it to be scratch and ding resistant, but the cheaper type II should be just as durable as far as not getting completely destroyed, it'll just scratch and wear easier.
Surefire bulbs are rated for 25 hours, which is excellent in itself, but some people say they even go longer than that. They're expensive, but worth it in my opinion.
I'm not really sure about battery life, but I can tell you this light is not regulated, which means it'll get dimmer throughout the life of the battery. This is good in that you can tell better when the batteries are going to die, but bad in that it's not as bright through most of the battery life than it is with new batteries. I will say, however, that with my G2, it can't really tell all that much that it's getting dimmer throughout the life of the battery. The discharge curve for 123 lithiums is much better than alkalines, and the dimming is not nearly as obvious as it is with a stock maglite. I don't think it's anything to worry about.
Overall, I think the E1E is an excellent choice. I gather it's very useful on its own, and you can upgrade it later with the KL1 or KL4 LED heads, or a 2 cell body and MN03 lamp assembly to make it an E2E