I'd rather have a light with a 'cheaper Luxeon.' This is assuming they give me a genuine Luxeon emitter. The Lux III beam-tint consistency is better and emitter works better in the power range I like to work with.
I'd rather not have the light at all. The Ebay seller is lying. The emitter is not a K2 Vbin. I've made certain from Lumileds that the PW14-V00 K2 still does not exist. It won't be ready for sampling until the end of this year. This light does not have a K2 Vbin emitter.
An overseas light manufacturer wouldn't steal the Luxeon brand name to sell more lights, would they? Yes they do, they do it a lot.
The light either does or does not have a K2 emitter. The emitter could be a K2 clone. If the light is bright the emitter could be a standard bin K2 or K2 clone well overdriven past tolerances. Overdriving could easily be done using direct-drive with a current limiting resistor. Or forget the resistor and save a penny. The public wouldn't know the difference in emitters until the light broke.
No buyer is going to pay the high price to repair an unreliable light from China that overheated and died. The return postage cost is too high for a cheap light. The wait time is long, reliability and guarantee is in doubt. When you buy the light they have got your money and you have fallen into their trap.
Chinese buyers and manufacturers are into fads. To them, last years toys are this year's trash. When they buy a light is because the style is in vogue. The light is built for looks, made cheaply to last one year or less. In the US we buy for a use. My wife and her family are from mainland China. We know the difference.
There are a lot of question on this light. You will end up buying a light that is always guaranteed be unreliable. It could run 5 minutes or 5 years. It is guaranteed that you take your chances but you could get taken too.
Don't forget- you get what you pay for.
