Leatherman Monarch 400: Thoughts?

What does everybody think about the new Leatherman Monarch 400? I handled a Monarch 300 at ****'s Sporting Goods, but didn't buy it because I had to buy the Wave to get it (I have four Waves).

Specs on the Monarch 400 (from Leatherman's website):
45 Lumens
1 hr Battery Life
3W LED
Anodized Aluminum Body
Anodized Aluminum Bezel
Polycarbonate Lens
Plated, Textured Reflector
Tail Switch
White Light
One On/Off Brightness Setting
One AA Battery (Included)
-32F/+140F Temperature Resistant
Water Resistant, Rated IPX4
Humidity Resistant
Corrosion Resistant
Shock Resistant
Circuitry Management for Regulated Light Output
Hole for Lanyard Attachment
10-year Warranty (Does Not Include Battery)
Made in China
No clip
$23 street price

Measurements
Beam Diameter: .5m (spot) / 2.0m (corona) at 5 ft.
4.1 in | 10.5 cm
63 g | 2.22 oz.
Regulatory Compliance: RoHs and CEhe







So, my questions:
1. Does it really put out 45 lumens? I know lumens are exaggerated and I wish everybody would just use the OTF lumens, but I'm not sure here.
2. Are the Monarch series of lights simply Fenix lights with some modifications (like the Serac series)?
3. Anybody have a Monarch 400? What are your thoughts?

Search turned up very little. Thanks for your help

My own thoughts never owning a Leatherman is purely as a novice collector,does nothing for me in relation to what is available by other makers.

It is not that bright,nothing really going for it but it probably does a fine job for a person who has no interest in lights but wants a decent work horse and maybe that is the market it is aimed at.

If you owned a Maglite of old and swapped to that you would be very impressed.

Well, I ordered one before I saw any replies here... $23 plus $8 shipping. For $30 (including shipping) what would be a better light? I'm looking for brightness (between 40 and 80 lumens) and throw (about 75 yards) while still using a single battery (AAA or AA). Tailcap clicky switch is a must; I hate side clickies or twisties. What would be a better choice for $30?

More info on the Monarch 400 in this thread.