So far I am impressed. There are reviews of the light available through equipped.com, and you should check those out. I use it for a bike light and other stuff.
Cheapest I have seen the light for is $43, from Botach, the King of Indifferent Customer service. I paid $73 for it, and don't really regret it, because it is just kewl and because I didn't buy it from REI.
I do think that the design tries to do too much at once. I would rather have more protection and less "versatility." I think that the "flashlight" mode is pointless, and would prefer a more solid method of mounting the lamp to the battery case.
But this light is far more versatile than the Tikka, if bulkier. It takes AA batteries, and you can find AA lithium batteries easily. The flash modes kick ***, even if they are not as power efficient as I'd hoped. Plus, you've got immediate access to momentary hyperbright override.
Conclusion: In my opinion, this is the best area worklight currently available (the Zipka being the other one that I have experience with). Pair it with a small xenon spotlight like the Surefires for distance work, and you've got the bases covered.