I have an Arc AAA-P and and it's a fine light you can carry everywhere. Output has been called "dim", but it's overall output is equal to a new Minimag, yet has much better run time to 50%.
That said, if someone asked me to recommend a small light in the $40 range, I'd say the Fenix L1P. If you simply want a small high quality pocket carryable light, the Fenix has far more output -- will throw a spot 50 yards, yet has great run time, esp on a lithium AA (4 hrs).
OTOH you could argue from a lumen per cubic millimeter of flashlight, the Arc isn't so bad: at 2692 mm^3 it puts out about 7.4 lumens, vs the Fenix L1P at 28,260 mm^3 putting out about 35 lumens.
So the Arc is 1/10th the Fenix volume, yet puts out over 1/5th the light, not bad for an "old tech" 5mm LED.