Craig's got a review on this, which you've already found. Since I picked it up, I've been using this for an EDC because of its size and relative brightness and throw - I can usually do 100 feet with this in a dark area, and it's very bloody small. To judge by how it behaves on 4.2V rechargable Lithium-Ion 123 cells, it seems to be a direct-drive light, an observation that seems to be confirmed by the runtime chart on Craig's sight. I'd say this is around 50 lumens as well, though you may get a bit more if you use the higher-voltage 4.2v r123's that JSBurly's or 4sevens have and had, respectively.
The main thing going for it is size and price, along with acceptable build quality. With a more powerful emitter (TW0K), it'll probably do the 75 lumens that the Luxeon 3W is capable of, especially with a polished reflector and the r123's with their higher voltage. /ubbthreads/images/graemlins/grin.gif