Yes, mine is that way also,
As a keychain light, it works very well although the beam quality (blue and brown) leaves something to be desired. The Arc AA with it's much larger reflecter has a much better beam. The Dorcy AAA has much better beam quality also.
I just remember that it is a keychain light and max brightness, max runtime and AAA batteries are what I bought the light to do. If I want beam quality in a single cell light, my MicroIlluminator utterly destroys all the Arcs I have. The MI luxeon beam quality is so good it makes the Arcs Nichias laughable.
My AAA is an EDC and the MicroIlluminator is not. All depends on what your priorities are I guess. If Peter would make a Luxeon AAA running at 100-160mA, you would get your beam quality.
What are the chances of Arc making a Luxeon AAA after years of suggestion? Anyone's guess. /ubbthreads/images/graemlins/dedhorse.gif