the beam should be pretty smooth as it uses a orange peel reflector. there might be "imperfections" on the edges from the crenellations on the bezel, but then again you'll get that with any light with crenellations on the bezel.
the pluses of the QIII is that it's a decent little light with a standard (not reverse) clicky. it can be easily modified/upgraded with better windows/lenses, two-stage, etc. this light was still all the rage as i first joined CPF in late 2005. the earlier versions had R & S-bin LuxIIIs, etc, but the more recent have T bins. the most recent incarnation i saw was Litemania's flupic-modded HAIII QIII.
it's minuses is that its heatsinking could be better, and that's why Viren has his copper heatsinks (though might be sold out) although someone posted a simple mod using pennies. also it might just be getting a bit long in the tooth--if you want a simple, well-regulated CR123 light, maybe the Fenix P1 might perhaps be better...