Don't have an E2E, but I do have a Tec40, and out of the box there is no comparison; the VIP blows it away.
The stock PT40 is not too impressive. It's popular because it is relitively cheap, durable, and takes easily replaceable (and substitutable) AA batteries and PR lamps.
I run my PT40 with E91 Lithiums and a Xenon lamp and it's a huge improvement over stock, but the VIP is still a better light. In comparison I'd say the modded PT40 and VIP (with BulkHead) have about equal throw, but the smoother, whiter beam from the VIP is much more pleasing to the eyes.
I just went outside and did a quick comparison of my modded PT40 and my VIP (with BulkHead). At equal distance from the target the PT40 has a larger hot spot and spill, but both are dimmer than the VIP (when superimposed the VIP beam overwelms the PT40). Total lumen output is probably pretty close. If I adjust distances so that the spill diameter is equal (PT40
much closer) then the PT40 has a tighter, brighter hot spot, but the VIP spill is still much brighter. Long distance throw is
very close. Close enough to call even, but the whiter VIP beam is easier to see on dark targets.
Size & Weight: the VIP is quite a bit smaller, even with the BulkHead. I don't have a scale handy, but with the old back-and-forth between the hands measure they feel close enough in weight to call it even. This will vary a bit depending on what kind of batteries you put in the PT40.
Looks: (duh) do you really need to ask?
I also did a quick compare with my Pelican M6 Lithium (incan). For throw the M6 wins hands down (and it doesn't even have fresh batteries). Again, the VIP spill is brighter.
In a contest of this nature the VIP wins big. It has a smoother, rounder, whiter beam with excellent throw and loads of usefull spill. Not to mention adjustable power, great battery life and sexy looks. It is a high tech marvel with a huge WOW! factor.
But then again, it's a $195 light (with BulkHead) so it's hardly a fair comparison.
Bang-for-the-buck is almost a toss up between the PM6 and PT40. The PM6 produces loads more light, but is more expensive, and more expensive to run. The PT40 is fully waterproof (dive rated) and can be run from a variety of battery/lamp combinations; including rechargeables. But in the end I'd have to give the edge to the PM6 because it throws a ton of light for its size and price. Add a Kroll clicky and UCL from
flashlightlens.com and it's a sweet little light. I'm planning on adding a DB1000 and Lux3 to one of my PM6 lights, and that should be even nicer...