Momentary mode is just too complicated because of the tap dance needed to re-enable constant-on. Best would be a 2 minute timeout. It's ok if the default setting is no timeout if that's what most buyers want, and if it takes some complex button sequence to enable the timeout. I'd just enable the timeout when I first get the light, and be done with it.
I really don't feel like I need multiple brightness levels in a keychain light. They're nice, but the P2's interface is far more intutive than any of the computerized models. It's unfortunately but unavoidably somewhat flakier because of how the LED leads are used as a switch, and less waterproof because of the hole for the slide switch.
I also think the particular P2 on my keychain is better looking than a Freedom. It's the one sold with the Spyderco Jester as a matching set, and it uses a green plastic shell instead of the usual black. I really like the way it looks with the Jester. I'd like to buy a couple of those Nichia leds from you, one to upgrade my Freedom and the other for this particular P2.
Don't get me wrong, I think the Freedom is a fantastic technical achievement, I just can't bring myself to feel as much at ease with it as I can with the P2. It's like the Arc LS vs. the Arc4+.
Since this is a Photon ideas thread, let me request something completely different: a 1AA headlamp version of the Proton, using 3 or 4 (or 5 or 6) of those new Nichia white leds, plus a red led like the Proton. It would look sort of like a bigger CMG Tracer. The white leds would be set up for a wide beam and the whole thing should be lighter and smaller than a Petzl Tikka, PT Aurora, etc. There is a terrible shortage of small, AA-powered LED headlamps and there's times when you really want to use AA's for everything and not mess with AAA's.