Yeah, pretty much just a Luxeon star holder. It actually looks pretty water tight, though, and a nice alternative to all the 3xAAA formats out there. Popped the star, and it is throttled by a resistor, but it is shrink wrapped, so I can't decode the bars to tell how many ohms. I liked the tint and brightness on the first so well I bought the last one at each of the two Lowe's near me, and one of those was pretty good too, the other as green as I have ever seen. Taking that one back, I'm happy with two.
I took some measurements on the head, and run time should indeed be good. With sorta fresh alkalines, it pulled just under 400 ma. On recently charged NiMH's, I got 220 ma, and it does not look all that much dimmer. But the interesting one was a set of "dead", 1.20 v open circuit, alkies. That only used 60 ma, but was still about as bright as an SMJLED PR bulb running NiMH's in a good host. So I would expect fairly flat, long run time on NiMH's, and the usual gradual declining brightness on alkaline, but with a really long tail of very usable light.
I've got one rubber banded to my bike handlebars right now, the rubber sleeve makes a nice surface to rest against the top of the bar, and it is a better beam than the usual cheap bike lights. Much better when I turn on the Sam's Element that is attached to the other side for "high beams".
Hondo