I recently purchased a bunch of Deerelight stuff (pills, various reflectors, small, DBS, Aspheric heads, etc). When comparing the DBS V3 against my Olight M31 SST-90, the spot size is about the same, but the M31 has more throw due to more lumens (800 vs estimated 600) and a larger reflector. But the DBS uses a lot less power on high (11 vs 20 watts) and has no thermal run-time limitations.
I really like my DBS/XM-L combination, especially when using a 4500K, 2.8 amp Nailbender Pill running from one 18650. Compact size compared to my other throwers, nice warm color, decent throw and quite bright spill (around the hotspot and overall). The nailbender pill is not quite as bright as my Deerelight XM-L pill (running 2x18650), mainly because of the slightly lower efficiency of the 4500K (T5 vs T6 bin). Both draw about 11 watts. I also like better the spacing of the 3 power levels (5%, 30%, 100% for the nailbender vs 25%, 50%, 100% for the dereelight).
I also have XR-E 1.5 amp, XR-E single battery, XP-E and XP-G Dereelight pills. The XR-E 1.5 amp definitely has the most throw, but there are considerable rings. The XP-E has no rings and just as small of a hotspot (but has less throw). The XR-E 1.5 amp with the aspheric puts the Olight M31 to shame.
Andy