I thought that at first but it's really overpriced for what it does, that's coming from a AAA-P owner too. I should have just gotten a Fenix L1P or L2P instead. I'd consider it the Bose of flashlights.
Arc AAA and the X03 are in different categories. One is a keychain single-AAA with a Nichia LED; the other is a CR123A powered Luxeon 1 Watter with high output.
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