I agree with what drmaxx has said- you will probably find yourself using one mode the majority of the time, so mode memory is a good thing.
Regarding protected vs. unprotected LiIon: definitely use the protected if you are not familiar with this type of chemistry; these cells can't be treated like alkalines that roll around loose in a drawer till you need them. Personally, I only use unprotected but there are several precautions that I take- 1.cells are stored individually in plastic cases, 2.voltage is checked before and after charging, 3.voltages are checked before each use, 4.I monitor for changes in charge capacity, 5.I never leave cells stored in my lights, 6.any cell that becomes suspect for any reason is discarded. These precautions may seem a bit extreme but if you search this forum for LiIon failures, you will understand why. Do yourself a favor and purchase a quality protected cell. As I don't use protected, maybe someone else here could chime in with a reputable brand (I've seen mention several times that AW brand is among the best but I don't have personal experience with them). I buy many parts from DX, but not LiIon cells. They may be good but IMO, they make me nervous.
I have a 5 mode XM-L module from DX in a mag and I believe that it is probably very similar to the one in the light you are considering for purchase as they are both from the same manufacturer (YangLight). If so, you will be pleased with the output if you have never used a higher lumen LED light before. Keep in mind that the 1200 lumen figure is a little exaggerated but it is bright nonetheless. Also, lack of adequate heatsinking is usually a problem with these cheaper lights. I never run mine for more than 10 minutes continuous which is fine for work purposes (perimeter sweeps and quick checks). The problem with the lack of proper heatsinking is that eventually you will fry the LED if used for prolonged periods of time.
By the way, welcome to the forum!