The LS3 is supposed to be a 5 watt LS driven by 1 or 2 CR123s, or 2AA (Lithium preferred). It is also supposed to be more of an ultrabright flood, than a spot. Target runtime is 1 - 1.5 hours. Waterproof to around 50 feet.
Those are the specs mentioned by Mr. Gransee, as I remember them.
What is holding the LS3 up, is the availability of the 5 watt LSes.