I have two of the 3LED 1AA Dorcys. One is stock, the other is a one-of-a-kind 1W Luxeon mod from MR_Bulk. The mod is my EDC -- just love it... bright and runs forever on a single cell. The 3LED unit is brighter than an Arc AAA and lasts longer, but is bigger. It's a pocket EDC, not a keychain EDC. I still have an Arc AAA on my keychain for backup.
A few niggling mechanical points on the Dorcys:
1) The lanyard ring on the tailswitch is thin and prone to falling off, plus it restricts the movement of the tailswitch. I've taken them off both lights. I haven't come up with a suitable lanyard solution yet.
2) In time, the crummy black plasticky grips on the head and the body of the light tend to absorb skin oils and loosen up a lot, sliding down the body of the light toward the tailswitch, interfering a bit with the ability to screw the light into the on-position. I removed both. Makes the light look 'naked', but solves the problem. Feels cool to the hand in the winter, though.
3) There are 3 thin O-rings on the light: on the head, end of the body and in the tailswitch. When you press the tailswitch, the O-ring moves away from the tailcap, allowing the possible entry of water. Avoid using the tailswitch in pouring rain or very wet conditions.
Overall, given the price, a very nice light.
I'm looking forward to Dorcy's first Luxeon lights.