I've got at least 6 of Wayne's modules and love them. I would recommend that you do get a premium (Q) and would also suggest that you consider the MM. The MM wide open Q is now on sale for $39.
I have MM, MM+, BB400, & BB500. The BB runs pretty much perfectly flat, so you have the advantage of consistant brightness, but you sacrifice a little run time.
The MM has more of a curve, so the brightness isn't as consistant, but will run longer and use much more of the available energy in your cells. It also gives you the advantage of running it with only one cell. The MM isn't as bright as the MM+, but for general use it's plenty bright and much longer run time.
If I could only have one, I'd choose the MM premium. My second choice would be the BB400 Premium.
In the CPF spirit, get both. After you get one, you WILL get another one.
Another recommendation would be for a host - if you have to buy one, then I recommend a Brinkmann Legend 2AA. Very nicely built light and comes with a tail switch (that alone will save you $4.50 for a Kroll), batteries and holster. REI has them for $10. And the other great thing about it is that it isn't a Mag.