I've got an LX3 and really like it. The beam is just a hair off center, but not bad (not nearly as bad as an infinity ultra). The square beam is a bit odd, but not a problem for general use. It bothers me when I go white wall hunting, but that's it. Tint is great.
As far as battery life, I usually get 3-4 hours of really good light, then feel like it's time for new batteries (still running, just dimmer). The batteries then get fed to the infinity ultra...
Personally it's my favorite general use light--would be nice if shorter and regulated, but no big deal. Also I'd prefer HAIII---mine is getting marked up a bit.
Actually the lack of regulation makes it easy to tell when you need new batteries...but I certainly like good regulation.
The main reason I picked this light (and still love it) is the AA battery. I often go hiking with my camera. (35mm). Since I'm carrying spare AAs for the external flash, I wanted a bright light that could share backup batteries. I usually take the infinity ultra also, just in case I need longer burntime (3+ hours a set is pretty darn good, however). Besides, if my family goes with me, I needed enough light to escort everyone home.
It's too big to carry everywhere you go, but perfect for a fannypack or something.
Personally I highly recommend it.
Note: I also really like my inova T1--but when I'm carrying all the camera stuff, I do not want any more battery types than necessary.
Anyway, pm me if you want more details. It's a fine light, will serve you for years, uses common batteries. If you want a "perfect" light, this is probably not it, but for general use it's great.