Sure, the Fenix isn't in the same class as the Surefires or the HDS or the Jill or the Aleph or ... But it's for what it's supposed to be an excellent little light, and for some purposes it seems me to be almost ideal. Put in a 2-stage switch and it's even more useful.
The Fenix is (along with some of the Peak 1AA lights) one of the very few lights with decent output that run on 1 AA. In an emergency situation or when travelling in one of the less-developed parts of the world that may well make the difference between having a light that works and one that doesn't, so that's a huge advantage over any of the lights running on lithium batteries or Li-ion rechargeables. On a trip to one of these places a Fenix may well be a much better choice than a Surefire for that reason alone.
It's small, fits into a pocket very easily and it's pretty well made. Not Surefire or HDS quality, but quite a bit better than most other lights in that category. The only real contender are the Peaks as far as I can see. There's a decent lanyard attachment point, something the HDS for instance doesn't have. It can tailstand, that's another big plus in my book. The E1L can't do that, unless you use it with one of Don's tailcaps.
So, all in all I think the Fenix is one of the most interesting lights to come onto the market for quite some time. It's no Surefire, HDS or Aleph, but it's pretty good. I think of it as the light the MiniMag should have been but never was, due to its dismal light output.
Hans