I'm not crazy about the Photon II. It starts flickering after a while, sometimes it gets stuck permanently on, and changing the batteries is a pain in the neck (little tiny screws to take out, etc). I haven't tried the Pulsar. If I get another Photon it will be a Photon 3.
If it matters, since getting an Arc AAA, I've mostly lost interest in coin cell lights except maybe as a lightweight way to have multiple colors of LED handy. Red for night vision, IR and UV for James Bond stuff, etc. I wish someone would make a small light with one of those RGB three-color LED's and selectable color.