I have a Pelican Mitylite 2AA LED ... it sucks. Beam is very ringy, unlike most of their other offerings. Pretty dim light ... according to the Pelican website, it is 3 lumens, and shows it in my sample. Kinda big for the (lack of) output, too.
For about the same money ($20), you could get an Inova X1, UK 4AA eLED, or you could wait for the Streamlight 2AA LED to come out.