I'm in the same dilemna as you are, since the BC40 came out, doubts about getting the Fenix TK35 arose. So here's a list of PRO's and CON's i compiled based on my own personal research:
Fenix TK35
Pro:
1. Handy
2. Many modes (incl. Strobe, SOS, Beacon)
3. Good Thrower and Flooder
4. Durable (one guy here in the threads uses it when snorkelling)
Con:
1. Tint lottery (only matters to those who use it in lower modes)
2. Not exactly cheap (about 100 US Dollars or so)
3. Odd shaped
4. Plastic boot (might crack if it hits bottom first)
5. Steel screws corrode (by the same guy who uses it for snorkelling)
6. Rattling sound in the mode switch (easily fixed by adding a double sided tape on one end and not removing the cover of the other end. This double sided tape (the 3M one, not the thin one) covers the slack of the mode button preventing it from rattling, the drawback only, you might bump the switch and it will easily change modes due to the absence of slack)
7. no SS Beizel (would have added a nice touch and more durability for times the light drops on its head)
JetBeam BC40
PRO:
1. Good Throw and Flood (based on the only video i saw from the Jetbeam Website with the Chinese dude)
2. Watertight (as shown in the video when it got dunked in a steam)
3. Cheap (almost half the price of the Fenix TK35)
4. Can be used as a defensive weapon (again, as per Chinese video)
5. JetBeam guaranteed quality (even if these are in the budget lines (B-series) it comes from a company known to make extremely high quality products)
CON:
1. Two modes (LOW and HIGH) For those who'd like to have more modes available, this aint for you. I find strobe very useful to ward off any aggressive animals i encounter at night. Beacon when I walk along the side of the road at night so passing cars wont sideswipe me. SOS for obvious reasons.
2. Fugly (Well to some it may look ugly with its thin shaft and bulging head, tadpole anyone?) but personally I dont mind using a light of this size, would have hoped it had an SS Beizel though coz as the demo said, it could be used in self-defense so it wouldnt hurt to have an SS Beizel to give it more OOMPH should you strike anyone/anything with its head.
3. Size. Careful consideration is needed if you plan to just throw this in your small pack, Big backpacks, no problem, but if youre packing light, you might have to hang this from your belt.
4. Dependability Now i add this as a CON at this point because this is relatively a new light, so not too many owners have given feedback about this unlike the Fenix TK35 that has been around for quite some time and there are more happy owners than those owners who hate it so that alone gives Fenix an advantage when it comes to dependability (or customer satisfaction if you will)
As you can see, it's still a toss up with no exact clear winner. But based on personal preferences, you reading this can come to your own conclusion what you gain or lose when you get one or the other.
For me, I'm still going for the one with more light modes coz for 40 US Dollars more, I have a flashlight that can do more than just illuminate.