I've wrote wuite a lot about it:
First, the company's name ist 'Speleo Technics', not 'Speleo' or 'Speleco' (just in case you look for it somewhere).
As Scott states, it has quite a high quiescent current (up to more than 5mA), empting you batteries/cells when connected. As it also has no thermal shutdown, it is very smart to disconnect the battery for transport (when switchend on accidently on a higher level and packed into your rucksack it will get too hot quite fast).
The 5 brightness levels are not spaced very well, the have a constant step instead of taking care about how your eye responds. The lowest level is still quite bright. To go to another brighness level you had just been in before, you have to cacle through all the other levels before, which is just a pain in the *** (absolutely everybody complained about that). When you switch it off and on, you find yourself in the next level of the 'circle', either a lower or a higher. The 'cycle' is: 1-2-3-4-5-4-3-2-1-2 and so on. As the whole light is controlled by a micropocessor, it should be easy to change this (and evem the light levels), but we know it will not be done too early.
The reed switch uses a magnet, so it is completely unuseable for the person who reads the instruments (Thats why I do not use mine for serious caving).
Maximum inpunt is 5V, so you must NOT use 4 LiFe AA cells.
Best source, IMHO, is their 5.5Ah LiIon cell with one big drawback: The cell has built in protection, so it switches off when reaching the deep discharge treshold at 3V. The cell is still able to drive the light at full power then, that means, there is absolutely no warning, just darkness.
The light itself has no protection against overtemperature, reversed voltage and overvoltage.
The 'empty' battery pack takes one 4.5V battery or a holder with 3 or 4 AA cells. The holder has a diode built in to protect the light from reversed polarity. I have an rechargeable battery which replaces on of these 4.5V batteries and with it and at full power, the diode wasted almost 1V! So it is just a plain silicon diode, nothing better. When you use AA cells, be shure you have a good battery holder, not one of the cheap ones available everywhere, they cannot withstand 2A.
The good things: It is a typical Speleo Technics light, quite undestructable, waterproof (with the correct battery), small lightweighted, relyable. Available with headstraps or standard hook. Front lens/dome is interchangeable.
And it is full 5W when needed, a lot of light. Spareparts are easily available. And it is relatively inexpensive.
When you need more, just ask, I could look through my emails and post it here.