Looks like a NIMH powered MR-16 water-proof host....
I'm having a hard time seeing $400 worth there, the cells and the charger and the bulbs add up to less than $100 worth, the rest is just a plastic injection molded shell from what it looks like. Some nice O-rings and dive ratings are worth something, just not sure about $300....
Looking at the picture it appears to only have 8 cells in the battery pack, but the description on some other sites on the web claims it's a 14.4V pack, so maybe it is a 12 cell pack... Hard to say...
The "high color temp" bulbs it is available with are known to be very gimmicky. They would score higher on initial impressions with me if they stuck to well known bulb manufactures that don't put coatings on their bulbs to sell a big fancy sounding number...
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My general feeling about a dive light is that it is designed to be a light that runs for several hours and have high reliability. I would only bring an incandescent as an option for fun, or for the higher quality of illumination it provides in short bursts, like for picture taking, other than that, I would want my primary dive light to be based on either HID or LED tech. Incans require big batteries to have long runtime and good output. A ~20W HID would have more output than the 50W halogen MR-16 in this comparison, and have more than double the runtime.
