tre, I think your figures on lumens are not correct.
1. I suppose that the standards of measuring lumens of V2 and T20C2 are not the same. As for me, I'm not mislead by ET's 720/580 lumens. I understand the difference. It is Thrunite that confuses the people! Where have you found about the 'ANSI' in the specification of the V2? There is nothing about it! All they mention is 'OTF' and the OTF is not neceserily equals the ANSI.
2. Where have you found a figure of '680' ANSI lumens for the V2? All we know is that the output of V2 is 750 OTF for 1 minute. Then it drops to 667.5 OTF (89% of 750). These figures are close to the real tests (the first three tables in the mentioned above review
http://www.candlepowerforums.com/vb/showthread.php?316421).
3. So this is a comparison of the outputs of the flashlights as anyone can do basing on the tests (on 18650):
http://file.qip.ru/photo/g-NWNuth/Comparison.html
4. I would say that at first minute the V2 shines more but it is mostly for the WOW-effect. In the real using the output after the first minute should be almost the same. Then between 3min40-15min the V2 should again shine a bit more. For the next half an hour the outputs are the same. And when the V2 goes out the ET will be flashing the same for the next full hour (even more on good cells)!
5. Taking in mind these figures, the fact that the V2 is bigger and weigh more and the fact that it is very, very hard to tell the difference between the outputs of 580 and 406 ANSI lumens of T20C2's outputs, I wouldn't be so definite on the version that the Thrunite outperforms the ET.